In March, Danville persistently resisted the trend we observed all the way through the Tri-Valley by undergoing a reduction in pending sales of single family detached homes as inventory remained unchanged. Other local communities witnessed pending sales increase remarkably with varying results in inventory. In March, Danville was the only Tri-Valley community that saw a rise in inventory in relation to pending sales. With a 6% decline in inventory and a 12% fall in pending sales, homes priced below $1 million led the way.
On the whole, pending sales decreased by six units to 61 in March from 67 in February. This signified a fall of 9%. There was a rise of one unit in homes for sale from February which equated to a total of 110 homes. March marks the fourth month wherein inventory was practically flat. What resulted by the end of March was 1.8 months of inventory relative to pending sale in comparison to January’s figure which was at 1.6 months.
All Single Family Homes in Danville
March 2012 Inventory Vs Pending Sales
74% of Danville’s inventory and 59% of pending sales where made up of homes priced below $1 million. In this section, pending sales decreased by six units from 51 back in February to 45 in March. In this price range, inventory in relation to pending sales was left unchanged at 1.4 months.
Single Family Homes Under $1 Million in Danville
March 2012 Inventory Vs Pending Sales
Inventory of homes priced more than $1 million increased by 13% from 40 homes in February to 45 in March. Still, pending sales stayed at 16. Inventory in relation to pending sales, by the end of March, rose to 2.8 months from 2.5 months back in February.
Single Family Homes Priced More Than $1 Million in Danville
March 2012 Inventory Vs Pending Sales
In February, pending sales rose dramatically, so March seems to be like just a bit of an adjustment. , Inventory did not improve despite the decline in pending sales. Is demand going to stay active as inventory levels increase into the summer? We will see and find our answer.
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