Danville October Market Update - And The Beat Goes On

The Danville real estate market continued its recent trends of strong sales and declining inventory of single family homes in October. Sales reversed a two month decline by recording an increase to 52 single family homes in October, from 44 in September. While this is off the current year’s high of 61 sales recorded in June, it is the third highest figure in 2008 (54 - June) and higher than any other sales number in the prior 2 years. The inventory of single family homes extended a 5 month slide, coming in at 139 homes for sale, compared to September’s 160. The high water mark for the year was 203 in May, compared to 2008’s high of 227 homes in June 2008. While inventory is down relative to 2008, it is comparable to the level seen in 2006 and 2007, and significantly higher than that seen in 2005. There remains 2 2/3 months worth of supply on the market.

All Danville Oct 2009
Inventory Vs Sales

The under $1 million segment remained very strong in October and is where the action was in Danville. While sales ticked downward to 35 single family homes, from September’s 37, this is still much higher than the 18 homes sold in October 2008. Inventory in this price range continued to decline to 73 homes, compared to 81 in September and 84 a year ago. There was over two months of inventory under $1 million in October. While representing just over half the homes for sale in Danville in October (53%), homes under $1 million made up 67% of total single family homes sold.

Danville Oct 09 - Under $1 Million
Inventory Vs Sales

Sales in the over $1 million single family home segment jumped back up to 17 in October, comparable to sales from May - August 2008, and suggesting September’s 7 sales were more of an aberration than a trend. Inventory slid for the fifth consecutive month to 66 homes, compared to 79 in September and 105 a year ago.

Danville Oct 09 - Over $1 Million
Inventory Vs Sales

The Danville housing market continues to be strong, with strong sales and a decent level of inventory, at least compared to other Tri-Valley cities. Even though inventory is dropping, there are still 2 2/3 months worth of single family homes on the market. Inventory is evenly split between homes over and under $1 million but the under $1 million segment is seeing brisker sales. All signs are positive at this point…