The Westside Danville real estate market continues to under perform
The current inventory absorption rate for Westside Danville is at 20 months which is dramatically higher than both Danville as a whole and Westside Alamo. This desireable area has slowed drastically over the last half of 2008. Ironically the total home sales in 2008 were much higher than that of 2007 and prices were stabile at only a 3% decline from the previous year. There is much speculation on the reasons for the slowdown but my educated guess is that many buyers are waiting for prices to come down, and the homes priced between $1,000,000 and $1,200,000 have become less attractive. This attractiveness, or lack of, is that many buyers are either looking for a ‘fixer’ or a home that is move-in ready. The price expectation for fixers on the Westside of Danville is less that $800K. The homes that are move-in ready are usually priced over $1,300,000.
Currently there are 20 active listings in the Westside if Danville. The average price for these listings is $1,471,805 with the highest priced listing at $3,695,950 and the lowest priced at $654,000. The average price per square foot for these listings is $482 with the highest being at $608.29 and the lowest at $320.04. The average days on market is 109 with the longest at 286 and the shortest at 18. There is one pending sale in the Westside of Danville which was listed at $1,195,000. The price per square foot for this pending sale is $543.18 and it was active for 8 days.
