Fewer Homes on Danville Market in November, 2012

The Danville real estate market saw an 11.1-percent decrease in the number of homes sold, from 27 in October to 24 in November, 2012. This comes as no surprise, considering November is the time of when most people’s thoughts typically turn to the holidays, and plans to purchase a home are increasingly put on hold until after the start of the New Year. Nevertheless, compared to last November’s total of just 19 closings, this is a 26.3-percent increase in total sales. What’s more, from September through November of this year, there were on average 24 closings per month, or 33.3 percent more compared to this same quarter last year.

Since hitting a 12-month high of 152 in July of 2012, the total number of homes listed for sale fell for the 4th consecutive month in November, most recently bottoming out at 111. This, by the way, marks a new 12-month low for this stat. Compared to the previous month’s total of 124 listings this is a 10.5-percent decrease in inventory—something that benefits the market in slower months to be sure. Compared to last November’s total of 113 listings this is a decrease of 1.8 percent. And from September through November of this year there were on average 123 homes for sale each month, which represents a 2.5-percent decrease relative to this same quarter last year.

Total pending sales was the weakest of our three main indicators. November’s total of just 12 was down almost 43 percent versus the previous month’s total of 21. The contrast was not as stark versus 1 year ago, as last November’s total of 14 pending sales off beats this by a total of just 2 pending sales. In yet another comparison, the average number of pending sales reported from September through November of this year was down 10.5 percent relative to this same quarter last year, or 17 versus 19 respectively.

Some other Danville real estate market stats worth mentioning:

  • Danville homes spent an average of 107 days on the market as of November. This translates to nearly 26 percent more time spent on market versus the previous month’s average of 85 days. Compared to last November’s average of 95 days it is 12.6 percent more time. The 12-month average time on market is 96 days. This is one stat that has varied significantly over the past 12 months, as homes in Danville have averaged as few as 56, and as many as 148, days on the market.
  • Of the 111 homes on the market in November, 23 were new listings. This is 15 percent above the previous month’s total of 20, even though it is 30.3 percent below last November’s total of 33. The 12-month average number of new listings placed on the market each month in Danville is 27.
  • The absorption rate was 21.6 percent based on closed sales and 10.8 percent based on pending sales.
  • The average price per square foot was $71. This is up 16.4 percent versus the previous month’s average of $61, and up an even greater 29.1 percent compared to last November’s average of $55. The 12-month average price per square in Danville is $65.
  • There were 4.6 months of inventory based on closed sales while based on pending sales there were 9.3 months of inventory.
  • Sellers realized an average of 90 percent of their original asking price in November, up by an average of 2 percentage points versus the  previous month, and up by 6 percentage points versus last November’s average of just 84 percent. The 12-month sold-list difference based on original asking price is 87 percent.
  • The sold-list difference based on final asking price was 96 percent. While this is down 3 percent versus the previous month’s average of 99 percent—it’s pretty hard to be that—it is up 2 percent versus last November’s average of 94 percent. The 12-month average for this stat is 95 percent.
  • The average active price was $168,000, while the average ‘sold’ price was $141,000. The 12-month averages for these two stats are $183,000 and $153,000 respectively.

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