The inventory absorption rate in the Town of Danville for single family detached homes is continuing to drop and is now at 1.2 months. So why are some homes just sitting?
When looking at the most recent statistics for Danville homes we see that there are some very distinct differences between homes that are selling and those that are not. In general if you just look at the price per square foot for Pending homes compared to Active listing you will see that the active properties are listed at an average $125 per square foot higher. This is significant. What this means is that the Danville buyers are still looking for value. In fact we are seeing many of the listings that are new to the market actually being listed below recent comparable sales in order to generate more activity and more offers. This is reminiscent to the market of 2005 where homes were listed low and ended up with many offers and a final sales price actually higher than comparable sales. This does not mean that I am suggesting that people list there homes well below comparable sales but being 1-2 percent below the last sale will most certainly generate more activity than the strategy of listing over comparable sales.
Current Danville Real Estate statistics:
Currently there are 89 active listings for single family detached homes in Danville. The average list price is $1,282,098 with the highest priced listing at $3,498,000 and the lowest priced at $475,000. The average price per square foot for these homes is at $443 with the average days on market of 115 days. There are 74 pending sales in Danville with an average list price of $909,172. The highest priced pending is listed at $2,395,000 and and the lowest at $449,000. The average price per square foot for these pending sales is at $318 and the average days on market is 66 days.
