August 2022 Danville Housing Market update
August 2022 Market Report for Danville California Real Estate
July numbers just came in and, whether you’re thinking about buying or selling Real Estate in Danville California, here’s what I think you should know about the market!
We've been going on a bit of a rollercoaster ride from Pandemic to Inflation, let's talk about how the Real Estate market is fairing in Danville and how it compares to where we were at last year as well as last month as so we can understand the trend. Below are 3 key leading indicator data points as well as 3 key lagging indicators . Also, I’ll tell you the data point that tells me where we’re going with all of this. And, keep in mind these numbers are for ALLLLL of Danville, so if you’re looking to buy or sell in Danville >> Let’s have a free discovery call!
I'll be following these stats for the next 6 months, so you can follow these stats month by month as we see how the inflation reduction activities that have been put in place impact the Real Estate market.
July numbers are out and they tell a story. We know that the stock market is starting to see a bit of a rebound and also mortgage interest rates are coming down slightly. Now, Before we talk about things like pricing, and days on market, its important to keep in mind that any pricing or days on market is really just telling us the story of what happened about @30 days before that number becomes a data point. So, first let’s talk about the leading indicators- these are trends to watch, and keep in mind this information is for Single Family homes only:
- Inventory –The number of homes for sale in Danville California in July 2022 was 108 homes, which is up only slightly just 8% from June 2022 when they were 100 homes on the market and up a stunning 80% since July 2021 when we had 60 homes on the market for sale
- Homes going under contract – Danville saw 38 homes go into escrow in July 2022. There were 51 SFH last month that went into escrow and then 82 homes (more than double) went into escrow in July 2021
- Absorption – the months of inventory or the amount of time it would take for the currently inventory of 108 homes to sell to all the buyers currently in the market to buy a home if no new buyers or new listings came to market. In Danville, July numbers show 2.2 months of inventory which is up a stark, 274% increase from this same time last year when we had just over a half a month (.6 months) of inventory and even compared to last month, June 2022’s 1.5 months of inventory.
Now, let’s take a look at the Lagging indicators to see “Where we’ve been”
- Total Sales - July 2022, had 50 homes transfer to new families, compared to 66 homes last month in June 2022 and 104 homes in July 2021
- Median Days on Market - We’ve never had high market times in the East Bay however, this number of days on market is still a key data point to tell us how long it took for buyer and seller to come together and create a deal. In July 2022 the Median Days on Market was 13 Days. In June 2022, this was 10 days and last year, July 2021 this was almost half 7 days.
- Median Sale Price – For SFH in Danville, median Sale Price in July 2022 was $2,000,000. Last month it was @$2.275M and its still up .5% since last year this time it was $1.991M
So, this last data point is what’s interesting to me this month……. Anytime we have a changing market like the market we’re in right now, there is usually a period of time where the market is still finding it’s horizon, and this has never been more evident than looking at the buyer and seller psychology. In this next stat, it shows us the thought process of buyer and seller and whether or not they’re able to come together and make a deal
- Sell Price to List Price a. In July 2022, this number was down to 99% and we haven’t seen this dip below 100% since June of 2020 when it was 98%!! b. This tells me that the shift between buyer sentiment and seller sentiment is still shifting and we have sellers over pricing and buyers under bidding which may continue until the shift is more accepted by both parties and it will be interesting to watch how it plays out. So if this is good info for you and if you haven’t already, hit the like, subscribe, notify button to follow the data as it comes out and to tell Youtube so they share it with other folks like you!
So, you’ve seen the numbers for all of Danville, but how does this impact YOU? Don’t forget to subscribe so you can see what future months look like!! Want a little more details for your specific situation???? Let’s have a free discovery call, click below.