Danville Real Estate: Luxury Home Market Buyer Confidence Returning by Joe Combs
?A year ago I reported that things were going extremely well for for High End Homes and they have been.? We lifted off the bottom in 2010 and have been going strong ever since.? No one could be more thrilled than I am that the Danville Area Market for Luxury Homes has finally turned around. For the purpose of this review as with my last, I have defined Luxury Home to include homes that are 5000 square feet and larger sitting on a premium lot that is between ? and 1 full acre, equipped with a pool.? This definition has been overlain on the geographies including Alamo, Blackhawk, Danville and Diablo, basically what in my personal view comprises the Danville Area Real Estate Market.
??I have included a chart and a graph with this review that displays the sales history for this slice of the market dating back to the market bottom in 2010.? The chart confirms a steady rise from 2010 with a smaller rise from 2011-2012. This is truly exciting. ?Average Sales Price in 2010 was $1,908,000.? In 2012 the number has cli
mbed to $2,195,179. ??That is a whopping increase of 15% or a $287,000 price jump.? If you have been waiting for the absolute bottom to snag a ?Big One? you may very likely have missed the chance, but the prices are still 25% below the 2007 peak, so it?s not too late to get a great buy on a great home at a time when you can see the prices are again rising.
??Equally important and confirming the Luxury Market turnaround is dollars paid per square foot.? In 2010 it stood at $327 and has increased throughout 2012 to $369 for a 13% increase.? Both measures show strong positive dollar increases supporting the view that this is not a statistical anomaly but the ?Real Deal?? even more exciting.? I want to add as I usually do that there is no such thing as an average home.? The lowest price paid for one of these homes was $1,437,000 and the highest was $3,125,000.? The median price was almost a match of the average price and stands at $2,338,139.
??Each of the three measures, Sales Price, Dollars Paid per Square Foot and Unit Sales are confirming that High End buyer confidence has risen, at least in the Danville Area Real Estate Market.? The improvement in sales is likely due to the growing availability of Super Jumbo loans at historically low interest rates.? If you are looking to acquire a Luxury Home during the next year, you might want to contact your lender who can bring you up to speed on the great loan products out there.? If you don?t have a lender, please give Nancy or me a call and we will point you in the right direction.?
?With the first quarter of 2013 not quite ended, we have not had any Luxury Home sales close.? However, 5 are pending sale with and average list price of $2,853,900 and a square foot price at list of $410.23.? The sales mix is a little stronger than during 2012 with lowest price listed at $1,725,000 and the highest listed at $4,595,000.? This is a very good sign for the luxury home market in the Danville Area.? So good, in fact, that11 such Luxury homes are currently active on the market.? Their prices range from $1,599,000 to $4,875,000 and their average square foot price is about $40 higher than the pending sales.? This is a pretty strong sign for a continuing rise in the market for Luxury Homes. I think overall improving confidence among the wealthy is a pretty good thing moving forward?? for our market.
If you have been thinking about selling your home, Nancy and I would be glad to prepare a free market analysis specific to your home. We would welcome the opportunity to help you develop ideas on how to best prepare your home to optimize its market value.
Joe and Nancy Combs, The Combs Team, have a high degree of focus on Danville Real Estate and Alamo Real Estate. As always, if you have any questions about the Alamo and Danville California real estate market, or finding that perfect home for sale here, please let The Combs Team know! Call Joe Combs 925-989-6086 or Nancy Combs 925-351-6999.
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