Danville CA Homes for Sale | Market Update June 2016
- Market cools
- Most inventory since April 2012
- Pending sales down – continue roller coaster 2016
- Price indicators mixed
It has been a roller coaster ride for pending sales in Danville during 2016. After climbing sharply in May, sales fell in June. Inventory, on the other has headed in one direction – up. June was the sixth consecutive month that inventory increased and there are now more homes for sale than at any time in over four years. There is still strong demand but buyers are more selective. Prices have held steady for the most part this year and remain above the levels of a year ago.
112 properties were actively listed at the end of June, the most since April 2012 when 115 homes were for sale. June’s ending inventory was 12 units higher than May’s and 23 more than a year ago. Pending sales dropped 17%, from 86 in May to 71 in June. June also had four less sales than June 2015. With sale falling and inventory climbing, there was a 1.6 month supply at the end of June, compared to 1.2 months at the end of May, as well as a year ago. Closed sales, riding the increase in pending sales in May, were up 43% in June, from 54 in May to 77. 71 sales closed in June 2015.
The average sale in June closed for 100% of the list price, the same as in May. The price per square foot increased 4%, from $479 in May to $496 in June. June was also higher than June 2015’s $485. On the other hand, the median sales price fell 5%, from $1,255,000 in May to $1,190,000 in June. June’s median price was 2% higher than a year ago. June’s closed sales were listed for an average of 18 days, unchanged from May.
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. While inventory has increased and buyers are being somewhat cautious, there is strong demand, 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 many 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. Prime properties are getting a great deal of attention and multiple offers. The result is that they don’t stay on the market long. 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.