Danville Homes Spend Average of 119 Days on Market in March, 2010

Real Estate Report by m.s.Woods Real Estate, LLC. –  The total number of homes sold in Danville, Indiana rose 33.3 percent in March, going from a 15-month low of just 6 sales in February to 8 sales in March, 2010. While this is down 20 percent from March of 2009 it is still movement in a positive direction. While this is proof that the Danville real estate market still has a slight pulse, the significance of the “slight” should not be underplayed; that’s because the total number of pending sales dropped an unnerving 57.1 percent from the previous month and an even more unnerving 64.7 from March of 2009. Meanwhile, there has been a more-or-less steep, linear rate of increase in the number of Danville homes for sale that started in January, when inventories began to climb out of a 15-month low, only to most recently reach a 15-month high of 125 total listings. What effect this will have on prices remains to be seen, since we are still a ways from a full-throttle, summer market.

Danville homes spent an average of 119 days on market in March for an increase of nearly 28 percent compared 93 days the previous month. Homes spent an average of 114 days on market last March. The 12-month average time on market is 97 days.

If you were a buyer then you probably weren’t as happy as you might have been in 11 out of the past 12 months, at least in terms of the average cost per square foot.  At $75 per square foot, March’s average nearly equaled the 12-month high that was set in September of 2009

Fortunately for sellers in Danville, the sold-list differential rebounded from a 15-month low of 91 percent that happened in February, 2010 to reach a more manageable 95 percent in March.

Add to the aforementioned statistics an absorption rate of 6.4 percent based on closed sales and it’s hard to be too enthused about the Danville real estate market.  Surely things will improve with the onset of summer.