Pended sales of single family detached homes fell 22% in Danville during September but remained above their level of a year ago. Inventory continued to decline but at a slower rate than it had the past couple of months. Pended sales fell across the market, while inventory actually increased for higher-end homes.
Overall, inventory fell 3% to 70 homes at the end of September from 72 at the end of August. By comparison, there were 208 for sale here at the end of September last year. Pended sales fell sharply during September. There were 50 pended sales during the month, compared to 64 during August. That left about 1.4 months of inventory relative to pended sales, up from 1.1 months at the end of August. There was nearly 4.5 months of inventory here at this time last year.
All Danville Single Family Homes
Inventory Vs Pending Sales September 2012
Homes priced below $1 million accounted for 80% of Danville’s pended sales in September and 54% of inventory. Pended sales fell 18%, from 49 during August to 40 during September. Inventory fell 19%, from 47 at the end of August to 38 at the end of September. The sharp declines in both inventory and sales left inventory relative to pended sales unchanged at about .95 months.
Danville Single Family Homes Under $1 Million
Inventory Vs Pending Sales September 2012
Seven more homes priced at $1 million-plus were for sale here at the end of September. 32 homes were available in this segment, compared to 25 at the end of September. Pended sales fell by a third to 10 during September from 15 during August. Inventory relative to pended sales nearly doubled as a result, from 1.7 months in August to 3.2 months at the end of September.
Danville Single Family Homes Over $1 Million
Inventory Vs Pending Sales September 2012
The sharp decline in pended sales provided some relief here as inventory rose to 1.4 months. That’s little comfort, though as inventory remained at historic lows on an absolute level. Was the drop in sales a trend driven by low inventory or was it a seasonal change? Or was it just a one month drop? I keep thinking something has to give. Perhaps this was sign that something is changing here. Then again, I thought that back in June too and the market only tightened further.
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