In the past several months, before the month of June 2011, the market's been led to a competitive place, due to the significant amount of sales of homes priced under $1 million. The market has been up there for several months that it could only result to a dipping of sales in June. Moreover, pending sales of single family detached homes in Danville was reported to have dropped in the month of June, after having increased for five consecutive months. However, such didn't happen before the posting of the largest number of pending sales, in the spread of five years, having 75 in May.
In general, a slight fluctuation in the number of pending sales shows in the months of April, May and June. Such was at 59 in April and then it went on a sharp increase with 75 the following month, and declined again to 62 in the month of June. Thus, the trend reveals a 17% drop of pending sales from May to June, but a 5% increase from April to May. On the other hand, inventory, as compared to sales showed a total inverse of its trend, showing a drop from 3.5 in April to 2.6 in May and then increasing again in June at 3.2 months.
Sixty-three percent (63%) of pending sales of Danville's as well as its 71% inventory in June is a result of the sales of homes priced below $1 million. Furthermore, inventory within this price category was almost constant with 122 in April, 117 in May and 126 in June. Relatively, pending sales were slightly more arbitrary with an increase of 10 homes in May summing to 57, and then dropping by 13 to 44 in June. Moreover, a very slight decrease in inventory relative to pending sales was monitored in May at 2.4 from being at 2.6 in April, and then going a little over in June with 2.9.
While homes priced under $1 accounted for the increase in sales, homes priced over $ 1 million accounted for an increase in pending sales. From 12 in April, it went to 18 in both months of May and June. Inventory in this price range dropped from 82 in April to 79 in May, then again dropped slightly to 74 in June. The latter's inventory shows a 10% decline with that of April's. Both the incidences of increase in sales and decrease in inventory, together resulted to a tightening in this segment. Thus, compared to 6.8 months of inventory of these homes in April, there was 4.1 months in the month of June.
Despite the fall of sales in June, the market of high-end homes (home priced over $1 million) still displays strength judging from the fact that the dipping happened from a very high level in May. In addition to that, the high-end market showed certain strength over the past two months. With that being said, both demands across the market and inventory are in good shape.
Doug Buenz is a top producing Danville Realtor with Alain Pinel Realtors. With over 20 years experience in Danville real estate, Doug has built a solid reputation as a market leader. His web site http://www.680homes.com/ is a popular site for searching for Danville homes for sale, as well as extensive information on the community, Danville Schools, and the East Bay lifestyle. His personal blog The 680 Blog is a widely read source on Danville market trends, real estate tips and advice, market insights, lifestyle information, and commentary.
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