The Danville real estate market ended the year 2012 having improved significantly in several key statistical areas. Unfortunately, the total number of homes listed for sale was not among these improvements, at least not in the context of the current economy. A total of 1,566 homes were on the market in 2012, up 2.3 percent versus the 2011 total of 1,537 listings. Still, we are not talking about a huge increase. On average, there were 131 homes listed for sale each month in 2012 compared to 128 per month in 2011. And, from October through December of 2012, there were on average 8.8 percent fewer homes on the Danville market compared to this same quarter in 2011. The bottom line is that this was not a significant setback for the market, even if it did nothing to help prices. Of the 1,566 homes on the market in 2012 331 were new listings.
A total of 211 homes were sold in 2012 compared to just 179 for all of 2011. On average, a total of 18 closings took place per month in 2012, or 20 percent more, compared to an average of 15 per month in 2011. The average number of homes sold per month during the last quarter of 2012 was up 10.5 percent versus this same quarter in 2011, or 21 versus 19 respectively.
Total pending sales was a strong point as well. During the most recent quarter, from October through December of 2012, an average of 16 pending transactions were reported compared to an average of 14 during this same quarter in 2011, making for a 14.3-percent improvement. A total of 210 pending sales were reported for all of 2012, up 20 percent versus all of 2011. On average, 18 pending sales were reported each month in 2012 compared to 15 per month the year prior to this.
Some other pertinent Danville real estate market stats to consider:
- Danville homes spent an average of 106 days on the market during 2012, This represents a 26.2-percent worsening compared to the 2011 average of just 84 days. Of course, it didn’t help that homes averaged 175 and 145 days on the market during December and February of 2012 respectively.
- Sellers realized an average of 86 percent of original asking price for all of 2012. This is represents a worsening of 4 percentage points compared to the 2011 average of 90 percent.
- Based on final asking price, the average sold-list difference for 2012 was 94 percent, down just 1 percent versus the 2011 average of 95 percent.
- The average price per square foot was $64 in 2012, down 4.5 percent compared to the 2011 average of $67.
- The average ‘sold’ price during 2012 was $145,000. This too was down by nearly 6 percent versus the 2011 average of $154,000.
- The average active price was down by 9.9 percent, from $203,000 in 2011 to $183,000 in 2012.
- On average, there were 9 months of inventory based on closed sales for all of 2012. This is a slight improvement over the 2011 average of 10 months based on closed sales. Based on pending sales there were, on average, 8 months of inventory for all of 2012, and 9 months for 2011.
- The average absorption rate for all of 2012 was 13 percent based on both closed and pending sales. These same averages for all of 2011 were 12 percent for both closed and pending sales.