The Danville real estate market continues to blast ahead with sales leveling off, Pending Sales increasing, and inventory trending slightly down again.
The inventory absorption rate of single family detached homes in Danville has dropped to less than a month. In most instances this is an indicator of a strong seller’s market. The wild card is, as it has for awhile, what will happen with all of those mortgages currently in distress? At this point it is anyone’s guess but we are seeing some signs from Congress and the banks which point to an improved short sale process as a alternative to foreclosure or Deed In Lieu. I personally believe that this is a good idea if enacted because it allows homes to be sold in a more “Normal” manner and will reduce the amount of vacant homes and help keep prices from a free fall. It is also a deterant to vandalism.
The current statistics for Danville Real Estate are:
The are 110 active single family homes on the market in Danville with an average list price of $1,263,378. The highest priced listing is at $3,995,000 and the lowest at $520,000. The average days on market is 66 and the average price per square foot is at $413. There are 118 Pending sales with an average list price of $947,790. The highest priced pending sale was listed at $3,498,000 and the lowest at $466,900. The average days on market for these pending sales is 52 and the average price per square foot is at $349. Since March 1 there have been 32 closed sales of single family detached homes. The average sales price for these homes was $851,515 with the highest priced sale at $1,450,000 and the lowest at $450,000. The average days on market for these sales was 51 days and the average price per square foot was at $348
