Danville Market Update June 2010 – Trending Downward

While the drop off was not dramatic, June marked the third month in a row that pending sales of single family homes in Danville declined. Inventory, meanwhile, remained relatively flat. Homes priced under $1 million, which made up 57% of the inventory and 73% of pending sales, showed the sharpest decreases in pending sales in June.

Overall, pending sales of single family homes fell from 62 at the end of April to 59 at month-end may to 48 at month-end June, a 30% decline from April to June. Inventory increased only slightly, from 152 at the end of April to 159 at the end of June. The decrease in pending sales resulted in an increase in inventory relative to pending sales, to 3.3 months at the end of June, from 2.5 months at the end of April.

All Danville Single Family Homes
Inventory Vs Pending Sales June 2010

The market for single family homes priced under $1 million saw pending sales tick up from 43 at the end of April to 49 at the end of May, before falling back to 35 at the end of June. Inventory did the exact opposite, ticking downward in May to 77 units before increasing to 90 at month-end June. Inventory relative to pending sale, therefore, increased to 2.6 months at the end of June, from 1.8 months at the end of April.

Danville Single Family Homes Under $1 Million
Inventory Vs Pending Sales June 2010

The inventory of homes priced over $1 million actually fell to 69 at the end of June, from 74 at the ends of both April and May. There were 13 pending sales in this segment at the end of June, up from 10 in June but down from Aprils 16. Inventory relative to pending sales stood at 5.3 months at month-end June, compared to 3.9 months at the end of April.

Danville Single Family Homes Over $1 Million
Inventory Vs Pending Sales June 2010

Steady declines in pending sales and a relatively stable inventory have resulted in the Danville real estate market being a bit softer in June than it was a couple of months ago. Back in April sales had been increasing or steady for a few months but have since fallen off. The ending of the federal tax credit for home buyers has undoubtedly had an effect.