The real estate market for single family detached homes in Danville continues to move forward with low inventory.
We have seen inventory numbers slowly decline over the last several months. This condition has caused the absoprtion rate to see a slow decline to it’s current level at 1.73 months. Just 2 weeks ago we were at an even 2 months. In addition we are starting to see more of the homes priced over $1,000,000 now sell. When looking at the 83 Pending sales, there are 20 that were listed at over $1,000,000. This is a statistical increase over the number of $1,000,000 homes sold just last month as reported in my Danville Real Estate blog from last month. This is different than the San Ramon Market where inventory absorption has been under a month for some time. This downward in inventory trend shoud continue through the holiday season and winter. The only variable here is the large number of homes that are near foreclosure and what the banks will do with these homes.
Current Statistics:
There are 144 active listings for single family detached homes in Danville. The average list price for these homes is $1,303,269 with a high of $4,500,000 and a low of $499,000. The average price per square foot for these active listings is $422 and the average days on market is 106. There are 83 pending sales in Danville for single family detached homes. The average list price for the pending sales is $975,522 with a high of $4,480,000 and a low of $475,000. The average price per square foot is $367 and the average days on market is 70 days.
