Danville CA Homes for Sale | Danville Market Update August 2016
- Market finding balance
- Inventory and sales fall
- Days on market continues to rise
- Prices fall
While most of the Tri-Valley saw both inventory and sales increase in August, San Ramon had a reduction in sales; this for the third consecutive month. Inventory also fell but remained high. As discussed last month, the market is “normalizing”, away from multiple offers for every home and overly aggressive bidding to one where buyers are more able to take their time and be more selective. That is not to say there is not demand, because there most certainly is.
Inventory fell 5% in August, from 110 units at the end of July to 104 at the end of August. That compares to 99 homes on the market a year ago. Pending sales dropped 21% in August to 51 homes. That was 18 properties less than in July and 13 less than a year earlier. Days on market has been slowly creeping up since April. August sales were on the market an average of 24 days, compared to 21 days in July and 20 days in August 2015.
August’s median sales price was $1,183,000, which was 6% below July’s $1,255,000 but still 2% above August 2015’s $1,160,000. The price per square foot slipped 2%, from $474 in July to $466 in August. A year ago, it was $458. On average, homes sold in August received 98% of their asking price, compared to 96% in July and 99% 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 still a great time to be selling a home in Danville. Although inventory is higher than we have seen in a while, 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 more favorable to buyers than we have seen in a while. However, 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.