Danville CA Homes for Sale | Danville Market Update March 2016
Strong demand and more sellers drove both sales and inventory higher in Danville in March. Pending sales were higher than in any month since June of 2015. Prices also strengthened, with homes selling, on average, for 100% of their list price. Inventory at the low end of the market is very slim, while demand for these homes is extremely high.
65 sales went to contract in March, a 44% increase from 45 in February. March still fell short of March 2015’s 71 pending sales. Inventory shot up 33%, from 48 at the end of February to 64 at the end of March. 63 properties were actively listed a year ago. A one month supply was available at the end of March, down slightly from 1.1 months at the end of February but higher than March 2015’s 0.9 months.
Closed sales more than doubled, from 23 in February to 48 in March. Those sales took an average of 28 days, compared to 29 days for February’s sales and 20 days for March 2015’s.
March’s median sales price was $1,159,000, a 5% increase from $1.1 million in February and a 2% increase from $1,140,000 in March 2015. The average sale was for 100% of the list price in March, higher than February’s 98% and equal to the ratio of a year ago. The price per square foot fell 7% in March, from $469 in February to $438 in March. That was still higher than the price per square foot of a year earlier ($434).
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 low and there is 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.