2008 Danville CA Real Estate Forecast
Danville California real estate remains one of the most stable real estate markets in the country and East Bay despite all the challenges in the real estate and lending industries.
Why does Danville, CA have such stable real estate?
- High Median Home Price
- Highly Desirable Community
- Mostly Built Out
- Very Dynamic & Healthy East Bay Economy
These are just a few of the reasons that Danville real estate continues to defy the national, state and regional real estate trends.
Given all of this, how do we see the Danville real estate market in 2008?
Danville, like almost every other community in the country and the state of California will see fewer real estate transactions this year, but home prices in Danville are going to remain some of the most stable in the country.
If you look at this week’s FREE Market Details Report for Danville, you will see several interesting items in the 14 page report.
- Significant Trend Difference for Days on Market between 94526 & 94506
- Notable Trend Difference for Median Price Trend between 94526 & 94506
Both areas show market activity decreasing, but people are still buying and selling homes in Danville. With the financing challenges of 2007 finally beginning to stabilize, the biggest factor in a timely sale is going to be PRICE.
BUT Danville is one of those communities where you don’t want to overreact to national real estate news. Top dollar pricing can still be maintained, but real market value needs to be established.
The current real estate market conditions in Danville call attention to the need and value of an established professional Realtor. This is not a market where you can just throw a sign in the yard and get the home sold.
Danville sellers will want to make sure their real estate agent has a significant established Internet presence and marketing campaign. With over 80% of home buyers using the Internet, this is critical. Here’s part of what we do.
The image above is a slice from our weekly MLS Trends chart. What we see happening in Danville for the last few months is a steady decline of houses on the market and buyers in the market. The declining homes for sale is pretty much a seasonal norm. The decline in buyer activity is a little more than normal.
The return of significant real estate appreciation in Danville will be slower and less dramatic than most other areas because Danville is so stable and has such a limited lower-end market. So don’t expect anything dramatic one way or the other in 2008 for Danville, CA real estate unless something really unforeseen jumps out and bites us all.
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