Danville CA Homes for Sale | Danville Market Update February 2017
- Inventory declines
- Pending sales finally increase
- Prices steady
- Days on market down
Well, January was a short lived increase for inventory in Danville. After increasing 38% last month, the number of homes for sales fell 7% in February. Other than the ongoing dearth of inventory, the real estate market is looking strong here. Pending sales, which had been falling since May, were up 43% in February. Prices have been holding fairly steady and most indicators rose a little, while the time on the market shortened. Demand remains the strongest for homes priced under $1.5 million.
Inventory fell from 54 homes at the end of January to 50 at the end of February. That was still two more than were on the market a year ago. Pending sales jumped from 30 in January to 43 in February, which was four less than a year ago. Those changed reduced the supply from 1.8 months at the end of January to 1.2 months at the end of February.
February’s median sales price was $1,210,000, slightly higher than January’s $1,197,000 and 10% above February 2016’s $1.1 million. The price per square foot increased from $438 in January to $497 in February, a 13% jump. That was also 6% higher than a year earlier. The average sale in February was for 98% of the list price, compared to 97% in January and 98% a year ago. Homes have been staying on the market for less time, 33 days in February versus 44 days in January.
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.