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Danville Real Estate Market Slides in June, 2012

After tying a 12-month low of 113 in January of this year, the total number of Danville homes for sale has continued to grow in the ensuing months, most recently hitting 6-month high of 150 listings, much to the dismay of sellers everywhere, no doubt! Not only is this recent total barely an increase over the previous month’s total of 149, more importantly, it is down 4.5 percent versus last June. And it is the latter comparison that is ultimately more meaningful than the 1-month comparison, since it is more indicative of where the market has come and where it is heading. The average number of homes listed for sale from April through June of this year was down 4.6 percent versus this same period 1 year ago. And speaking of listings, 34 of the most recent 150 listings were actually brand new listings. This is down nearly 11 percent versus the previous month, although it is up almost 31 percent versus last June’s total of 26 new listings. The 12-month average number of homes added to the market each month is 29.

After rising briefly to a 12-month high of 23 in May of this year, total pending sales fell nearly 48 percent in June, making this the 2nd lowest average in the past 12 months. Compared to last June’s total of 17 pending sales this is a 29.4-percent decrease. Even in our quarterly analysis, the average number of pending sales per month, from April through June of this year, fell nearly 6 percent in comparison to this same 3-month period in 2011.

One statistical bright spot on the Danville real estate market came in the form of a 33.3-percent increase in total sales versus the previous month’s total of 15. While this is good news in itself, it is tempered by the fact that, compared to June of 2011, this is actually a 4.8-percent decrease in total sales. From April through June of this year, however, an average of 16 closings took place each month, or 14.3 percent more, compared this same quarter last year.

View the complete, original article here.

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