Since my late blog regarding Danville Real estate performance we have seen the inventory absorption rate drop from 5 weeks to 4 weeks.
The drop in absorption rate is consistent with a trend that we are seeing throughout the Bay Area. There have been some news articles predicting fewer sales beginning in the second quarter of this year, and I agree that it is possible given the right conditions. However, the wild card in this whole market recovery rests with the banks and how they will handle the mountain of distressed mortgages. There is a lot of talk regarding a more streamlined short sale process while others are holding on to a large scale sell off of foreclosures.
Current Danville Real Estate Statistics:
In Danville there currently are 95 active listings for single family detached homes. The average list price for these homes is $1,295,298 with the highest priced listing at $3,995,000 and the lowest at $520,000. The average price per square foot is at $434 and the average days on market of 101. There are 93 Pending sales which have a average list price of $880,214. The highest priced pending sale is listed at $3,200,000 and the lowest at $475,000. The average price per square foot for the pending sales is $332 and the average days on market of 57. There have been 7 closed sales so far in the month of February. The average sales price is at $872,285 with the highest priced sale being at $1,085,000 and the lowest at $750,000. The average price per square foot for these sales is at $268 and the average days on market at 20.
