Danville CA Homes for Sale | Danville Market Update October 2016
- Inventory holds – somewhat surprisingly
- Sales fall
- Days on market highest since January
- Prices steady
October was not entirely typical in the Danville real estate market. Usually, inventory starts to fall this time of year, while demand remains steady. While the demand is still there, inventory remained surprisingly high. In fact, it is nearly 50% higher than it was one year ago. Homes are staying on the market longer, which is a typical autumn trend.
116 properties were listed for sale at the end of October, two less than at the end of September but 38 more than were available a year ago. Pending sales fell 9%, from 53 in September to 48 in October. That compares to 50 pending sales in October 2015. Closed sales fell from 49 in September to 39 in October, a 20% drop. Inventory relative to pending sales increased slightly, from 2.2 months at the end of September to 2.4 months at the end of October.
September’s median sales price was $1,180,000, slightly higher than September’s $1,166,000 and October 2015’s $1,112,000. The price per square foot fell 3%, from $453 in September to $439 in October, which was 3% lower than a year ago. On average, homes sold for 96% of their list price in October, unchanged from September but short of October 2015’s 99%. October’s sales closed in an average of 39 days, up significantly from September’s 28 days but on par with October 2015’s 38 days.
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.