Danville CA Homes for Sale | Danville Market Update December 2016
- Seasonal trends
- Inventory down 52%
- Sales down a third
- Prices steady
The typical season trends of short supply and low sales held true in the Danville real estate market for December. Inventory fell sharply but remained above the level of a year ago. Pending sales fell along with inventory but remained slightly higher than last year.
There is optimism as we head into 2017. The economy is on the upswing, along with consumer confidence. Demand for housing has remained strong and will get even stronger if the economy continues to pick up steam. Higher interest rates could impact prices, especially in the low end, but that could be offset by a stronger economy.
39 homes were actively listed at the end of December, the fewest since January. December’s inventory was 52% lower than November’s and 30% lower than a year ago. Pending sales continued to fall in December, from 46 during November to 31. That was still two more than in December 2015. Supply relative to pending sales dipped from 1.8 months at the end of November to 1.3 months at the end of December. Last year at this time we had a 0.9 month supply.
Prices have been fairly steady recently. The median sales price was virtually unchanged at $1.13 million, which was, however, 5% lower than December 2015’s $1.19 million. Sales in December closed for 96% of their list price, unchanged from November. The price per square foot did fall 11%, from $461 in November to $411 in December. As the year progressed, homes stayed on the market longer, and that trend continued in December. On average, homes sold in an average of 53 days in December, up from 38 in November and 42 days a year earlier.
The tables below provide further details on the current Danville CA market compared to prior periods, as well as a look at different market segments.
Sellers: It is a great time to be selling a home in Danville. Inventory is tight and demand remains strong, especially for prime properties in excellent condition that are priced right. Proper marketing and staging will be important to getting the most for your home. While multiple offers are still occurring for a few select properties, most other homes have to be priced strategically to get top dollar. More than ever, having a highly competent agent who knows the Danville market will be critical to your success
Buyers: The current market is fairly balanced, especially compared to the previous few years. Prime properties are still getting a great deal of attention and even multiple offers on occasion. Being prepared to act quickly will be the key to getting the home you are looking for. Having a professional Realtor who understands the Danville market and your own strengths as a buyer will put you in a strong position to secure the home you really want.