Danville CA Homes for Sale | Danville Market Update May 2016
- Market hot in May
- Pending sales highest in more than 10 years
- Small increase in inventory
- Price indicators mixed
- Days on market still low
The Danville real estate market heated up in May, with more sales going to contract than in any month since May 2005. Inventory continued to climb as well but at a much slower pace. Pricing was steady, as the median sales price was up but other indicators fell. While there was no question that the market was hot in May, we are getting a sense that the coming months may be less hectic. I do expect the market to be strong through summer but not as frenzied as we saw last summer. The double digit year-over-year price indicators we saw all last year have not and likely will not repeat themselves this year.
86 sales went pending in May, the most since 89 went to contract in May 2005. That compares to 51 sales in April and 74 a year ago. Inventory increased a more modest six units to end May with an even 100. 85 homes were actively listed at the end of May 2015. Closed sales actually fell, from 60 in April to 54 in May. That will surely change with the large number of pending sales in May. The faster pace of sales decreased the supply relative to pending sales from 1.8 months at the end of April to 1.2 months at the end of May. A 1.1 month supply was available a year ago.
May’s median sales price was $1,255,000, up 3% from $1,215,000 in April and $1.2 million a year ago. The price per square foot fell 3%, from$492 in April to $479 in May. That was $27 higher than in May 2015. Sales closed in May for 100% of their average list price, down slightly from 101% in April. May’s closed sales were on the market an average of 18 days, compared to 14 days in April and 22 days a year ago.
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 remains 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 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.