The market is changing in the Greenbrook area of Danville
There are currently 14 active listings in this area with 2 pending listings. This moves the inventory absorption rate from 5 months 2 weeks ago to 7 months. This equates to a buyers market.
Reasons for the changes
What we are finding is that the homes are still desireable in this area with buyers offering, but the current lending market has changed the qualification process to a point where only the most qualified buyers are able to get loans. For example, I have a client who was preapproved through Wells Fargo. We found a house submitted an offer performed inspections and the appraisal and were ready to lift contingencies when the underwriter of the loan pulled the loan and denied the request. This is happening quite frequently these days and has made the purchase of homes much more difficult.
Greenbrook compared to other Danville locations
The Greenbrook market is still a highly desireable destination for home buyers and is holding its own compared to other areas within Danville. Like the Westside Danville market, Greenbrook offers great schools within walking distance, easy freeway access, and loads of walking trails and open space. The differnce being in price. The Westside Danville market is considerably more expensive. The difference in price is due to the proximity to downtown Danville from the homes on the Westside. Compared to the Sycamore
area Greenbrook homes are also doing well. The Sycamore and Greenbrook areas are very comparable in all regards. The difference being the homes styles are slightly different and the proximity to schools.
