For the last 2 months, the real estate market of Danville made a big difference. At August’s end, sales pending of high end (more than $1,000,000) detached single family homes were declining quickly, while the lower end homes inventory & sales stay almost flat for several months. In the last 2 months (particularly in October), sales pending jumped in both market segments and inventory has dropped. I must admit, I didn’t predict this occurring at this time of the year.
In general, sales pending increased by 4% in September & 26% in October, to 51 in September from 49 in August (increasing monthly by 2 and 13 units for September & October, accordingly). October had the 2nd most sales pending record for the year, ranking behind May’s 72. Inventory declined as sales increased, to 166 in October from 185 at August’s end and 181 in September. Those were a decrease of 4 units or 2% and 15 units or 8% for September & October, accordingly. As a result, there is now less than a month worth of inventory on the market relative to sales pending, decreasing to 2.6 at the end of October from 3.8 months at August’s end and 3.5 months in September.
Single Family Homes in Danville
October 2011 Inventory Vs Sales Pending
The market for properties listed below $1,000,000 mirrored all the market trends. The Sales pending rose from 42 in August to September’s 44 (a 5% increase) and October’s 53 or an increase of 21%. Inventory dropped by 4 and 9 homes in September & October accordingly, from 123 at August’s end to 119 in September and 110 by the end of October. Inventory relative to sales pending dropped from August’s 2.9 months to September’s 2.7 months and 2.1 months in October. This market segment made up 66% of inventory in Danville by the end of October, unaffected from August & September. It also accounted for 83% of sales pending of Danville in October, a decrease from 86% in both September and August.
Single Family Homes Below $1,000,000 in Danville
October 2011 Inventory Vs Sales Pending
The higher end properties virtually had the same trend. There were 7 sales pending properties in both September & August and 11 in October, a 57% difference. Inventory dropped to 56 by the end of October or a 10% decline from 66 of August and 62 at the end of September. There were 9.4 months of inventory for this market segment relative to sales pending in August, 5.1 months in October & 8.9 months in September
Single Family Homes More Than $1,000,000
October 2011 Inventory Vs Sales Pending
After 3 months of continuous decrease in sales from June up to August, the real estate market of Danville woke up in September & made a difference in October. Inventory has decreased and the market is somehow a bit hectic that it was 2 short months ago. A good sign in to the coming winter months.
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