Foreclosure Update – Danville & San Ramon, CA
Foreclosure properties are sitting on the market longer in both Danville and San Ramon, California.
It’s no surprise that San Ramon has a more active foreclosure market than Danville. The lower price point in San Ramon is more attractive to investors. In fact, we saw several successful quick flips in San Ramon this past summer.
Weakening demand and high inventories of unsold homes could put renewed pressure on home prices in San Ramon and Danville this summer. Homebuyers anticipating further price drops may stay on the fence until several months of data accumulates showing more stabilization or increase of value with home prices – thus, missing out on a stronger bargaining position or their home of choice.
Foreclosure cancellations (Nov. ’10 vs. Nov. ’09)
- Danville
- 94506 = +400%
- 94526 = -44.44%
- San Ramon
- 94582 = +71.43%
- 94583 = -14.83%
Foreclosures sold to third parties (Nov. ’10 vs. Nov. ’09)
- Danville
- 94506 = 0.0%
- 94526 = -0.0%
- San Ramon
- 94582 = -60.0%
- 94583 = -100.0%
Foreclosures back to the bank (REOs) (Nov. ’10 vs. Nov. ’09)
- Danville
- 94506 = – 33.33%
- 94526 = +25.0%
- San Ramon
- 94582 = -50.0%
- 94583 = -20.0%
With Danville’s higher home prices, fewer investors are looking for investment opportunities there.
Foreclosure (REO) inventory (Nov. ’10 vs. Nov. ’09)
- Danville
- 94506 = – 25.0%
- 94526 = +147.620%
- San Ramon
- 94582 = +21.74%
- 94583 = +27.27%
Contra Costa County Nov. 2010 vs. 2009
- Pending sales up for condos & townhomes
- Pending Sales down for detached homes
- Active listings for condos & townhomes up over 30%
- Active listings for detached homes up over 22%
Average Sales Price for Homes (Nov. 2010 vs Nov. 2009)
- Danville
- Detached Homes $840,000 +1.8%
- Condos $437,182 +11.6%
- Pending sales ( detached +36.4% / -43.8% condo/townhome)
- Percent of original list price received at sale ( -2.4% detached / -0.8% condo/townhome)
- Inventory of homes for sale (detached +11.6% / condo/townhome +5.4%)
- Average days on market ( detached +30% / condo/townhome -30.2%)
- San Ramon
- Detached Homes $773,000 +10.8%
- Condos $367,855 -12.46%
- Pending sales ( detached +45% / +39.3% condo/townhome)
- Percent of original list price received at sale ( -1.1% detached / -5.2% condo/townhome)
- Inventory of homes for sale (detached +36.1% / condo/townhome +4.9%)
- Average days on market ( detached +36% / condo/townhome +47.7%
Foreclosures in the bottom half of the market continue to influence3 price differentiations. The median price for a detached home is up almost 8% while the median price for a condo is down -14.3% over a year ago.
As always, population growth and housing need will once again drive California home prices up, but it will be 2013 or beyond before we begin to see this happen.
With foreclosures and short sales accounting for a significant portion of the homes sold in San Ramon & Danville, California, it behooves the homebuyer or homeseller to work with a professional REALTOR that is experienced with short sales and foreclosures. The Harper Team has the experience to help you with purchase or sale of your home, whether it is a short sale situation, a foreclosure or a conventional sale.
Click here for a map of current Homes for Sale
San Ramon &Danville, CA
Search for Foreclosures I-680 Corridor
Our FREE Hyper-Local Real Estate Market Reports for Danville and San Ramon, CA are the best source of housing market data you can get for Danville home sales.
Email Craig if you would like to know more about buying or selling a home or condo in San Ramon or Danville California or call (925) 984-4910
Filed under: Market Trends | Tagged: danville, foreclosures, San Ramon | Leave a comment »
21 Active Listings (Homes for Sale)
Danville - San Ramon California Real Estate 