Danville Pending Sales Soar in April, 2010

No need to hit the ‘panic’ button just because the total number of homes sold in Danville, Indiana dropped 36.4 percent. That’s because pending sales soared  an incredible 177.8 percent, from 9 the previous month to 25 in April, 2010.  This stat is also up 25 percent compare to April of 2009. In further good news – at least from a supply-demand standpoint – is the fact that the total number of Danville homes for sale dropped 5.6 percent, from 125 in March to 118 in April. Nevertheless this was an increase of 6.3 percent versus last April.

Danville homes spent an average of 95 days on the market in April compared to 97 days the previous month. While no one ever relishes the thought of waiting 95 days to sell a home it sure beats last April’s average of 126 days on market. The 1-year average is 93 days.

With completed sales down it is to be expected that the absorption rate based on closed sales dropped from 8.8 in March to 5.9 percent in April. But more than offsetting this was the huge increase in the absorption rate based on pending sales, which went from 7.2 percent to 21.2 percent over this same time period. This same pattern could be seen in the total months of inventory as there were 11.4 months based on closed sales in March compared to 16.9 months in April, and 13.9 months based on pending sales in March versus just 4.7 months in April.

Some other pertinent stats:

  • The sold-list differential was down a bit, from 95 percent in the previous month to 93 percent in April. The 12-month average for the Danville real estate market is 94.67 percent.
  • The average price per square foot rose a but from $64 to $67. The 12-month average at this point was
  • $66.37.
  • The average ‘sold’ price remained unchanged at $123,000.