Danville Market Update December 2009

There were no surprises in the Danville real estate market over the past two months, as inventory and sales fell (as is typical this time of year), continuing a trend that began in May 2009. Inventory fell to 100 single family homes in December, down from 120 in November and 139 in October. December’s inventory was less than half of the 203 single family homes on the market in May 2009 but still represented about three months worth of sales. Sales also fell in both November (40) and December (33) from October’s 48. July sales were the high for the year at 61.

All Danville Single Family Homes
Inventory Vs Pending Sales Dec 2009

In terms of inventory, the market is pretty evenly divided between single family homes priced under $1 million and those priced over $1 million. Homes priced under $1 million made up 54% of the inventory in December. However, they made up 78% of pending sales. There were 54 homes on the market in this segment at the end of December, down from November’s 60 and October’s 73. There was about two month’s worth of inventory in December in this segment. Sales fell in December to 26, from November’s 33, which were up from October’s 31.

Danville Single Family Homes Under $1 Million
Inventory Vs Pending Sales Dec 2009

There were 46 homes priced over $1 million at the end of December, down from 60 in November and 66 in October. Homes for sale represented just over four months worth of inventory. There were seven pending sales at the end of both November and December in this segment, down from 17 in October, which was the high for the year.

Danville Single Family Homes Over $1 Million
Inventory Vs Pending Sales Dec 2009

Overall, Danville remains very much in demand with home buyers thanks to the outstanding schools, the quaint downtown, and the clean, attractive neighborhoods. While inventory has been falling, it is higher than we have seen in some other Tri-Valley cities. Sales remain strong as we enter 2010. With interest rates at or near record low levels and most likely more inventory as we roll towards Spring, this should be a good year for the Danville real estate market.