Danville CA Homes for Sale | Danville Market Update July 2017
- Inventory dips again
- Pending sales up slightly
- Activity across market segments
- Only 19 days on market
- Prices steady
Even with the low level of inventory in Danville, pending sales managed to eke out a gain from June. Sales remained below the level of a year ago, however. Inventory fell for the third straight month and was at75% of where it was last year at this time. Properties did not stay on the market long in July, selling in an average of only 19 days. We are not seeing a lot of upward pressure on prices, despite the low supply and obviously healthy demand. Prices have been fairly steady lately and there was little change in the indicators for July.
The median sales price in July was $1,285,000, off slightly from $1.3 million in June but 2% higher than July 2016’s $1,255,000. Sales closed in July for 100% of the list price, unchanged from June but ahead of July 2016’s 96%. The price per square foot was up 3%, from $479 in June to $491 in July.
Inventory slid from 88 homes at the end of June to 83 at the end of July. July ended with 25% fewer homes listed than a year ago. Pending sales were up 5%, from 58 units in June to 61 in July. 70 sales went pending in July 2016. A1.4 month supply was on the market at the end of July, compared to 1.5 months at the end of June and 1.6 months a year ago.
On average, homes sold in July did so in an average of 19 days, up two days from June’s 17 but two days less than in July 2016.
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 very low and demand is 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 has been fairly balanced, especially compared to the previous few years but inventory is low and multiple offers much more common than in the past year. Prime properties, in particular, are getting a great deal of attention and multiple offers. 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.