The inventory absorption rate in Danville continues to drop.
In spite of the fact that inventory has started to rise and prices have stabilized, the inventory absorption rate for Danville real estate continues to decline. For single family detached homes the rate has dropped to 3.5 months. This indicates a neutral market. We have also seen prices stabilize over the past several months. Only time will tell if this is just a short term annomaly or a sustainable trend but one thing is for certain, this is a great time to buy a Danville home. With interest rates low and sellers pricing homes to sell it seems, at least in the short term, that Danville is pulling out of the housing crisis. Within the Danville real estate market there are some areas that people are focusing on. The Greenbrook and Sycamore areas have become more desirable than in past years due to great schools and a great family neighborhood, and more importantly to the perceived value as compared to the more expensive areas like Westside Danville and Westside Alamo.
The current statistics for Danville are as follows:
There are 179 active listings in Danville. The average list price for these homes are $1,368,433 withe the highest priced listing at $5,300,000 and the lowest priced at $499,950. The average price per square foot is at $432 with the highest at $1339.52 and the lowest at $235.26 The average days on market is 98 days with the longest at 355 and the shortest at 3. There are 51 pending sales in Danville with an average list price of $854,567. The highest priced pending listing is at $1,515,000 and the lowest at $551,900. The average price per square foot is at $333 with the highest at $560.31 and the lowest at $221.58. The average days on market are at 71 with the longest at 395 and the shortest at 0.
