The Danville real estate market in August was living proof that every cloud has a silver lining. That this is true could be seen in the fact total pending sales, while down 11.1-percent versus the previous month’s total of 18, were in fact up 128.6 percent versus 1 year ago. Even taking the most recent 3-month period as an example, from June through August, there were on average 17 pending sales in the pipeline per month, or 88.9 percent more, compared to this same quarter last year.
Further still, total sales rose 12.5 percent, from 16 in July to 18 in August. But like our previous stat, the real difference could be seen versus last year, as the most recent figure represents a 100-percent improvement compared to August of 2010’s total of just 9 sales. The quarterly difference was also in the black, as there were, on average, 18 closings per month from June through August of this year, or 20 percent more, compared to this same period 1 year ago.
Ask real estate agents almost anywhere and they’ll tell you that the market needs fewer listings in order to restore the supply-demand balance. Fortunately for seller in Danville, fewer listings is exactly what they got as there were just 138 Danville homes for sale in August, or 6.1 percent fewer, compared to the previous month’s total of 147. The only negative side to this is the fact that, compared to last August’s figure of 129 this is a 7-percent worsening. As well, from June through August there were, on average, a total of 147 homes on the Danville real estate market, a 14-percent increase, compared to this same period 1 year ago, when the monthly average was 129.
Other meaningful Danville Real Estate Market Stats:
- Homes in Danville Indiana went for an average of $76 per square foot. This is 8.5 percent above the previous month’s average of $70 and up nearly 12 percent versus the 12-month average price per square foot of $68.
- The average time on market rose a significant 25.7 percent versus the previous month’s average of 73 days. In fact, August’s average time on market of 94 days is 8 percent above Danville’s 12-month average of 87 days.
- The average active price was $193,000, while the average ‘sold’ price was $172,000.
- The absorption rate based on closed sales was 13 percent, while the absorption rate based on pending sales was 11.6 percent.
- The median price was $137,000.