The big news for the Danville real estate market was that total pending sales skyrocketed an incredible 85.7-percent in January, 2012. Even compared to where the market was 1 year ago this represents an 18.2-percent improvement. This will surely bode well for the near-term success of the market.
On the downside, there was a 53.3-percent decrease in the total number of closings that took place versus the previous month’s total of 15. January’s figure of just 7 closings also represents a 36.4-percent decrease versus 1 year ago. But there was at least one positive stat to some out of this: The average number of closings that took place per month from November, 2011 through January of this year climbed a significant 40 percent compared to this same quarter 1 year ago.
While there was no change in the total number of homes for sale in Danville, there was a 9.7-percent increase in Danville listings compared to 1 year ago. January’s total of 113 listings, however, is still a long ways away from the 15-month high of 158 that occurred in May, 2011. In way of comparison, the Indianapolis real estate market underwent a 2.4-percent decrease in total listings in January, 2012 compared to the previous month, and a 17-percent decrease versus January of 2011. The market in Danville Indiana, because it is much smaller, is more prone to large changes from one month to the next.
Some Other Danville Real Estate Market Statistics:
- Average time on market in Danville really tanked in January. And by “tanked” I mean it went from an average of just 56 days in December to an average of 104 days in January. Even compared to last January’s average of 86 days this represents a 20.9-percent worsening in this statistical category. The 12-month average time on market in Danville is 86 days.
- Homes in Danville went for an average of just 76 percent of original list price in January. This is down significantly versus January of 2011 and the previous month’s average, both of which were 92 percent. The 12-month average for this stat is a more respectable 90 percent. The sold-list differential based on final list price was 91 percent.
- The absorption rate based on closed sales was 6.2 percent, while the absorption rate based on pending sales was 11.5 percent.
- There were 16.1 months of inventory based on closed sales and 8.7 months of inventory based on pending sales.