April 2009 Market Watch for Danville
Latest Full Months Statistics for Danville Homes
(including Blackhawk and Diablo)
|
Previous months figures shown in parentheses |
Detached Single Family Homes |
Condomiums, Townhomes, others |
| New Listings | 80(92) | 22(19) |
| New Sales Agreed | 38(32) | 9(10) |
| Closed Sales | 30(14) | 8(7) |
| Median Price - Closed Sales | $791,250 ($961,250) |
$504,337 ($515,000) |
Average Days on Market - Closed Sales  |
117(90) | 91(54) |
At the beginning of April, 2009, there were 286 detached single family homes for sale in Danville (up from 271 in March, 2009) and 64 condos and townhomes etc. against 65 a month ago. So there is around 9 months supply of single family homes in Danville and 6 months supply of condos etc. The supply of condos is still being taken up faster than single family homes, but still, 9 months supply is a lot less than in many parts of Contra Costa County.
What is of particular note is that the median price of closed sales has fallen significantly for the third straight month. Danville home prices are not as resilient as many thought. The increasing time on the market suggests that sellers may have been trying to sell their homes for unrealistic prices but they eventually given up waiting for higher offers and accepted the reality of the situation.
So what happens now in Danville? Certainly there are plenty of buyers about but they will still be cautious when they see these figures. Home sellers will need to price their properties very aggressively if they really want to achieve a sale.
I still think it is a good time to buy in Danville. Interest rates are low and there is a lot of choice. If I was thinking about buying here now, I would make a very careful assessment of real value and base any offers on that, rather than just on the asking price. And there are still bank owned foreclosures that offer particularly good opportunities in many cases.
Tags: analysis, Danville, economy, market, real estate