Danville CA Homes for Sale | Danville Market Update August 2017
- Inventory down for fourth straight month
- Demand strong as sales tick up
- Homes price under $1.5 million are hot
- Days on market increases
Inventory and sales have been going in opposite directions the past two months, with supply continuing to dwindle while pending sales eke out increases. Even though inventory is low, buyers seem to be finding homes they like and are acting quickly when they do. That has been particularly true for homes priced under $1.5 million, which sold in an average of 21 days in August at their average asking price.
August ended with 77 homes for sales here, compared to 83 at the end of July and 104 a year ago. Current supply is about 75% of where it was at this time last year. 62 sales went to contract in August, two more than in July and 13 more than in August 2016. The result was a cut in the supply relative to sales, from 1.4 months at the end of July to 1.2 months at the end of August. We had a 2.1 month suppy a year ago.
August’s median sales price was $1,302,000, 3% higher than July’s $1,270,000 and 10% above August 2016’s $1,183,000. The price per square foot in August was $503, a 2% increase over July and 8% over August 2016. The average sale in August was for 99% of the list price, down slightly from 100% in July but a little higher than August 2016’s 98%. Homes did stay on the market longer in August; 29 days versus 20 in July and 24 a year earlier.
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.