Wow. What else could be said for a Danville real estate market that saw a 91.7-percent increase in total sales in October of 2011. What’s more, the most recent total of 23 sales represents a 64.3-percent increase versus this same month last year. Not only this, but there were on average 18 sales per month from August through October of this year, or 63.6 percent more, versus this same quarter last year.
But as nice as these gains are, there was still something left to be desired in the Danville market. That’s because total pending sales fell 20 percent, from 20 in September to just 16 in October. On the upside, this represents a healthy 60-percent increase versus last October. Plus, there were on average 54.5 percent more pending sales in the pipeline from August through October of this year compared to this same period last year, when the per-month average was just 11.
Compared to neighboring Indy, which saw a 4.2-percent decrease in Indianapolis homes for sale, the Danville market saw a 5.5-percent decrease as total listings fell to 120 from the previous month’s total of 127. Versus October of 2010, however, this is a 2.6-percent increase. The average number of Danville homes for sale per month, from August through October of this year, was just 0.8 percent above where the market was during this same quarter 1 year ago.
Some other Danville real estate market facts:
- Homes in Danville Indiana spent an average of 118 days on the market in October, up 2.6 percent versus the previous month’s average of 115 days. But as bad as this was it didn’t compared to the average time on market of 138 agonizing days that occurred last November. This latter figure, by the way, also represents a 15-month high. The average time on market in Danville over the past 12 months is 95 days.
- October’s average ‘sold’ price of $180,000 was up only slightly versus the previous month’s average of $183,000, while the average active price during this same period was $215,000.
- The average price per square foot fell 9.5 percent, from $74 in September to $67 in October.
- There were 5.2 months of inventory based on closed sales and 7.5 months of inventory based on pending sales.
- The absorption rate based on closed sales was 19.2 percent, while the absorption rate based on pending sales was 13.3 percent.
- The median price was $148,000.