Danville CA Homes for Sale | Danville Market Update October 2017
- Inventory on way back down after one month increase in September
- Sales increase in step with last month’s inventory gain
- Median sales price falls
- But homes still selling for list, on average
September’s unexpected increase in inventory was short lived, as the number of homes on the market started back down again in October. Buyers took advantage of September’s inventory and pushed sales higher. The story on prices was mixed, as homes sold for their list price, on average, but the median sales price and price per square foot fell from September.
70 properties were actively listed at the end of October, down 17% from 84 at the end of September and 40% from 116 a year ago. Pending sales, on the other hand jumped 21%, from 48 in September to 58 in October. October also had 12 more sales go pending than in October 2016. Those changed dropped supply to 1.2 months at the end of October, compared to 1.8 months at the end of September and 2.5 months a year earlier.
On average, homes sold in October for 100% of their list price, up slightly from 99% in September and 96% in October 2016. October’s median sales price, however, fell 5%, from $1,245,000 in September to $1,180,000 in October. October’s median was virtually the same as a year ago. The price per square foot also fell, from $511 in September to $480 in October, which was still 9% higher than a year ago. There was not much change in time on the market, as homes sold in October were listed for an average of 23 days versus 21 in September.
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.