Danville CA Real Estate Recovers
Danville California, the upscale East Bay community located south of Walnut Creek in Contra Costa County, provides a slightly different view of the foreclosure and short sale crisis than many of the other communities nearby.
Certainly, Danville CA real estate has been impacted by a large portion of bank owned foreclosure homes for sale competing with the traditional home sales on the local real estate market, but not to the same degree.
While Concord has over 50% of its homes for sale as bank owned properties, Danville joins Walnut Creek as much less impacted that their larger, lower priced neighbor to the north.
Currently, of all the Danville single family homes for sale, less than 30% are bank owned homes.
And while the bank owned inventory of homes in Danville is rising slightly, the trend of homes being brought into bank inventory of homes has been trending downward since late 2009.
But the biggest difference in Danville homes for sale when compared to Concord, Walnut Creek, Pleasant Hill, and Lafayette is the price segment of the market that is affected.
Take a look at the graph below and you will find that it is the more expensive homes – the million dollar homes and above – that are most affected by the real estate foreclosure crisis.
Danville Foreclosure Activity by Market Value
Before you say that there are more million dollar homes in Danville to begin with, let me point out that Lafayette and even Walnut Creek also has a large share of million dollar homes, too, but with different results.
In addition, when we look at the Danville median home sales prices by quarter, we find the number to be around $850,000 for the entire 2010 year.
Danville California Median Price of Homes Sold - courtesy of ForeclosureRadar
While there is certainly a large number of Danville foreclosure homes represented in that price range, an even larger number is shown in the million dollar plus Danville home market.
In the neighboring communities of Walnut Creek and Concord, most of the activity is focused in the lower price ranges, although Walnut Creek shows a broader base of foreclosure activity.
Are Danville million dollar homes the last part of the market to see the bulk of foreclosure and short sale activity? Does the small number of Danville homes for sale in the lower price ranges predict that the Danville homes for sale market will be among the first to emerge from the foreclosure glut in central Contra Costa County as new buyers enter the market?
We will keep a watchful eye on these trends as the Spring market comes into bloom!
See Danville Foreclosure Homes for sale
See ALL Danville homes for sale currently on the market
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