Danville CA Homes for Sale | Danville Market Update March 2017
- Inventory rises 42%
- Pending sales up 53%
- Median sales price up 10% from year ago
- Days on market down
The Danville real estate market had quite a bit of activity in March. Both pending sales and inventory rose significantly. Demand was very strong for homes priced under $1.5 million, which made up less than half of the supply but 77% of pending sales. The median sales price rose in March and homes sold for 99% of their list price, on average. In addition, homes did not stay on the market very long, selling in an average of only 19 days. 20 days is generally considered to be a hot market.
71 homes were available for sale at the end of March, up 53% from 50 in February and an 11% rise from March 2016’s 64. 66 sales went to contract during March, up from 43 in February and 65 a year ago. Close sales also spiked, rising 70%, from 27 in February to 46 in March. Supply relative to pending sales was down slightly at 1.1 months.
The average sale in March was for 99% of the list price and took 19 days. That compares to 97% and 35 days, respectively, in February. The median sales price rose 5%, from $1,210,000 million in February to $1,238,000 in March. March’s median was 10% higher than March 2016’s $1,150,000. March’s price per square foot was $484, little changed from February but 10% higher than a year ago.
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.