The real estate market in Danville has witnessed a steady growth in the past two months. Inventory and pending sales of single family homes has increased significantly. Although rise in the inventory is not as high as compared to the pending sales but it is expected that it will increase in the coming months.
In February 2010, the housing market in Danville was tighter because pending sales surpassed the inventory. The inventory reached to a level of 2 months at the end of February. It was 3.23 months at the end of December. The inventory for homes priced under $1 million jumped to 54% while the inventory for homes priced over $1 million was not far behind and increased by 47%. However, the pending sales for homes priced under $1 million were much higher (79%) than the homes priced over $1 million.
Let’s have a look at the numbers:
Inventory at the end of December was 100; at the end of January it was 113 whereas at the end of February it was increased to 116. Demand for the homes jumped up and there was a 36% increase in the pending sales in February as compared to 35% in January.
The demand for single family homes priced under $1 million has significantly increased in the past two months. The inventory has reached at a level of 1.4 months at the end of February from 2.25 months in December. Inventory was at 54 in December, 60 in January and 61 in February. In contrast, the pending sales got nearly doubled from 24 in December to 45 in February. It was 34 at the end of January.
The situation was almost similar for single family homes priced over $1 million. In February the inventory slashed to 4.6 months as compared to 6.6 months in December. Inventory was 46 in December, 53 in January and 55 at the end of February. The pending sales increased significantly in the month of February and reached to 12. It was 8 in January and only 7 in December.
Due to a steady increase in the overall demand, the housing market in Danville has tightened in the last two months. Clearly the demand is more for single family homes priced under $1 million than single family homes priced over $1 million. Inventory is also on the rise, showing sins of a bright future in the housing market.
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