Danville CA Homes for Sale | Danville Market Update May 2017
- Inventory dips again
- Pending sales slide
- Low end remains hot
- Prices up 9% from year ago
Low inventory continued to hamper the Danville real estate market in June. Supply fell 3% from May and was down 21% from a year ago. The lack of available homes impacted sales, as pending sales were down 4% from May. Prices remained steady and were mostly unchanged from May but the median sales price was up 9% from June 2016. The engine that is driving the market is demand for homes priced under $1.5 million. These homes made up 44% of inventory but 72% of pending sales in June.
88 homes were available for sale at the end of June, down from 91 at the end of June and 112 a year ago. Pending sales slid 6%, from 64 in May to 60 in June, compared to 71 in June 2016. Inventory relative to pending sales was little changed at 1.5 months at the end of June.
June’s median sales price was $1,307,000. That was 1% higher than May’s $1.3 million and 9% above June 2016’s $1.2 million. The average sale in June was for 100% of the list price, unchanged from May as well as a year ago. The price per square foot fell from $494 in May to $478 in June. June 2016’s price per square foot was $492.
Homes that sold in June were on the market an average of 17 days, compared to 18 days in May and 18 days 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 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.