Danville CA Homes for Sale | Danville Market Update November 2016
- Inventory finally falls
- But inventory in upper end stays high
- Sales continue slide
- Prices steady
While inventory throughout the rest of the Tri-Valley fell steadily from June through October, Danville’s stayed stubbornly high. That changed in November, with a 30% decline in the number of homes for sale. Demand has been spotty, with prime properties seeing steady activity but others less so. The lower end of the market is also much more in demand than the upper end. Sales, continuing the decline they have been on since May, fell 9% in November. Prices have mostly stayed steady over the past several months.
Inventory fell from 116 homes at the end of October to 81 at the end of November. That was still 56% higher than the 52 homes available a year ago. 43 sales went to contract in November, three less than in October but six more than in November 2015. Supply relative to pending sales fell from 2.5 months at the end of October to 1.9 months at the end of November. Time on the market did not change much in November. The average sale took 34 days, compared to 38 in October and 37 a year ago.
The average sale in November was for 96% of the asking price, the same as in October and slightly ahead of November 2015’s 95%. The median sales price dipped 3%, from $1,175,000 in October to $1,137,000 in November, which was also 1% lower than a year ago. The price per square foot increased 5% in November, from October’s $439 to $461.
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.