The Danville real estate market showed improvement in several key areas, including total listings, total sales and total pending sales. Starting with sales, July’s total of 22, while up only 4.8 percent versus the previous month’s total of 21, nevertheless represents a far greater 37.5-percent increase relative to last year’s total during this same month. And, looking at the average number of closings that took place each month, from May through July of this year, we see a 5.6-percent increase relative to this same period 1 year ago. So sales were improved across the board.
The numbers for total pending sales were mixed. While July’s total of 16 represents a 14.3-percent increase relative to the previous month’s total of 14, compared to July of 2011, it is actually a 15.8-percent decrease. Also, the average number of pending sales logged each month, from May through July of this year, was up 5.9 percent relative to this same quarter in 2011.
Total listings rose 1.3 percent, from 150 in June to 152 in July. This is not a huge deal per se, but it is also not a positive development for the Danville market, since there is already an excess of supply, at least for anyone trying to sell a home. Compared to last year’s total of 147 listings during this same month, it is an increase of 3.4 percent. If there is a positive spin to be found in the latest numbers, it derives from the fact that there were, on average, 2.6 percent fewer homes on the market from May through July of this year compared to this same 3-month period last year.
Some other Danville stats to watch:
- Of the 152 homes listed for sale in July, 34 were new listings. This is up just a tick versus the previous month’s total of 33, and up nearly 26 percent versus last July’s total of 27. The average number of new monthly listings over the past 12 months is 29.
- There were 6.9 months of inventory based on closed sales and 9.5 months of inventory based on pending sales.
- The average price per square foot rose4.3 percent compared to the previous month and last July, both of which averaged $70. The 12-month average price per square foot in Danville is $67.
- The absorption rate based on closed sales was 14.5 percent. Based on pending sales it was 10.5 percent.
- The average active price was $181,000, and the average ‘sold’ price was $159,000.
- The median price was $142,000.
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