The Westside Danville real estate market has improved over the last week.
The inventory absorption rate is now at 5 months which is higher than the overall Danville market as a whole but an improvement over the last several weeks. The uptick in activity follows in line with some recent economic projections that we are either at or near the bottom of the residential real estate downturn. With interest rates being low for fixed rate mortgages and with the expectation the we will be entereing a period of higher inflation in the near future, many buyers are now realizing the attractiveness of the current market and are submitting offers on homes.
There are 20 active listings with an average list price of $1,829,840. The highest priced active listing is at $3,900,000 and the lowest is at $795,000. The average price per square foot is $545 with a high of $1,656.25 and a low of $374.69. The average days on market is 94 days with a high of 269 and a low of 5 days. There are 4 pending listings in Westside Danville. These pending listings had list prices of $599,000, $615,950, $1,359,999, and $1,999,999. The prices per square foot for these pending homes are $310.61, $317.34, $508.98, and $554.32. The days on market for these homes are 92, 104, 116, and 7.
