Danville CA Homes for Sale | Danville Market Update February 2016
The Danville real estate market made a nice rebound from the winter slow season by posting increases in both pending sales and inventory. Pending sales had fallen the past five months, while inventory had been on a four month skid. The homes that sold were not on the market for very long an, on average, sold for their list price. The average sales price had been lower than the average list price for the previous seven months.
Pending sales, which matched a five year low in January, increased 142%. 46 sales went to contract in February, up from 19 in January but still below the 50 homes that went to contact in February 2015. Inventory increased 17 units or 44%, from 31 homes at the end of January to 48 at the end of February. Closed sales, following the dearth of pending sales the past couple of months fell to 22 in February from 34 in January. With February’s jump in pending sales, closed sales should increase in March.
An indication of the strength of demand was the fact that February’s sales were listed for an average of only 17 days, the shortest time since June. 20 days is generally considered a hot market. January’s sales were on the market an average of 51 days.
The median sales price in February was $1,083,000, down 2% from $1,103,000 in January but 5% higher than a year ago. The average sale was for 100% of the list price in February, compared to 95% in January and 98% in February 2015. The price per square foot increased 4%in February, from $49 in January to $465.
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. Inventory is down but there is still strong demand from buyers, 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 some properties, having a highly competent agent who knows the Danville market will be critical to your success
Buyers: Being prepared to act quickly will be the key to getting the home you are looking for. While properties are staying on the market a bit longer, and there are fewer multiple offers, prime properties are still getting lots of attention and often see multiple offers. 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.