Danville CA Homes for Sale | Danville Market Update November 2017
- Inventory continues decline
- Sales drop as supply constrains
- Median sales price up
- Homes sold in November for less than list
The real estate market in Danville cooled off a little in November. Inventory continued to fall after a one month bump in October. The reduction in supply kept a lid on sales, which also fell during the month. Price indicators were mixed, with homes selling for less than their list price, while the median sales price increased.
The supply of homes for sale fell 27% in November, from 70 at the end of October to 57 at the end of November. By comparison, 81 homes were on the market a year ago. 49 sales went to contract during November, 16% fewer than in October but 7% higher than in November 2016. We had a one month supply available at the end of November, down from 1.2 months at the end of October and 1.8 months a year earlier.
November’s median sales price was $1,313,000, an 11% increase over October’s $1,183,000 and a 16% increase over November 2016. The price per square foot was up 3%, from $477 in October to $$93 in November. However, the average sale in November was for 97% of the list price, down from 100% in October. Homes sold for 96% of list in November 2016. Time on the market was little changed at 25 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 a great time to be selling a home in Danville. Inventory is very low and demand is 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 has been fairly balanced, especially compared to the previous few years but inventory is low and multiple offers much more common than in the past year. Prime properties, in particular, are getting a great deal of attention and multiple offers. 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.