Danville CA Homes for Sale | Danville Market Update July 2016
- Market finding balance
- Inventory and sales steady
- Low end still selling fast
- High end seeing some price cuts
The current real estate market feels different than what we have gotten used to. There is no doubt that the pace has slowed and buyers are more deliberate than the past few years. That is not to say, however, that the market is weak. It is just more balanced than it has been in a long time. Demand is still strong and many homes are still getting multiple offers. Lower priced homes (under $1.5 million) are still selling quickly (19 days on average) and for 99% of their average list price. Homes priced above that often stay on the market longer and some have required price cuts to sell.
The median sales price increased 3%, in July, from $1.2 million in June to $1.24 million. July’s price was also 5% higher than a year ago. That is a good, strong year-over-year price increase but when you are used to double digit increases, it just feels less good if you are a seller. On average, homes sold for 97% of their list price in July, compared to 100% in June and 99% a year ago. Higher end homes accounted for the bulk of that change, selling for 93% of their average list price in June, compared to 99% for other properties. July’s price per square foot was 2% lower than in June but 4% higher than a year ago.
Inventory dipped 2 units in July to end the months at 110, which was seven more than in July 2015. Pending sales increased by three to 74 in July, 10more than a year ago. Supply relative to pending sales was little changed at 1.6 months.
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.