The inventory of single family detached homes in Danville posted another new six year low in July, with only 72 such homes listed for sale. Inventory is only 40% of what it was a year ago. Homes priced at $1 million and up saw inventory drop 42% to only 25 homes. Pended sales remained strong across market segments.
Overall, inventory fell 19% in August, from 89 units at the end of July to 72 at the end of August. Pended sales increased 5% to 63 homes during August, from 60 in July. That left 1.1 months of inventory relative to pended sales at the end of August, down from 1.5 months at the end of July.
All Danville Single Family Homes
Inventory Vs Pending Sales August 2012
There wasn’t much change in the market for homes priced under $1 million. Inventory increased one unit to 47, while pended sales increased by two units to 48. Inventory relative to pended sales was unchanged at 1.0 month. Due to declining inventory in the higher end (see below), this segment made up a larger portion of home in Danville at the end of August, 65% versus 52% at the end of July.
Danville Single Family Homes Under $1 Million
Inventory Vs Pending Sales August 2012
August saw a big drop in inventory for homes priced at $1 million or more, from 43 homes at the end of July to 25 at the end of August. Pended sales were up slightly to 15 units during August from 14 during July. 1.7 months of inventory were available here at the end of August, down from 3.1 months at the end of July. This segment accounted for 35% of Danville’s inventory at the end of August, down from 48% at the end of July.
Danville Single Family Homes Over $1 Million
Inventory Vs Pending Sales August 2012
Inventory keeps falling but sales remains high. I keep saying this but something has to give; inventory increases, prices rise or sales fall. Current trends are not sustainable.
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