Blackhawk CA Homes for Sale | Blackhawk Market Update February 2016
Like much of the surrounding area, the Blackhawk real estate market began to climb out of the winter doldrums in February, which were exacerbated by uncertainty about the economy, interest rates and the pending elections. Sales and inventory increased, while price indicators were mixed.
Inventory increased by three units to end February with 28 homes available for sale. That compares to 26 actively listed properties a year ago. Pending sales doubled from five in January to 10 in February. Six sales went to contract a year ago. The result of those changes was a decrease in inventory relative to pending sales from five months at the end of January to nearly three months at the end of February. February’s sales were on the market an average of 74 days, unchanged from January but below February 2015’s 111 days.
With so few closed sales (12 in February and 10 in January) pricing comparisons should be taken with caution. That being said, the median sales price in February was down 24%, from $1,663,000 in January to $1,258,000. The price per square foot also fell in February to $389 form $444 in January. Both the median sales price and price per square foot were below the levels of a year ago. The average sale in February was for 92% of the list price, up from 80% in January but below the 98% homes sold for in February 2015.
The tables below provide further details on the current market compared to prior periods, as well as a look at different market segments.
Sellers: It is a great time to be selling a home in Pleasanton. There just is not enough inventory to satisfy demand and it is the sellers who have the advantage right now. Proper marketing and staging will be important to getting the most for your home. Being prepared to evaluate multiple offers and sift through the options will be critical. While multiple offers will be the norm, being extremely familiar with the Pleasanton market will be critical to get the most value out of your home.
Buyers: Being prepared to act quickly will be the key to getting the home you are looking for. Properties are not staying on the market long and multiple offers are the norm. Understanding the current market and your own strengths as a buyer will put you in a strong position to act on new listings. Intimate knowledge of the Pleasanton market is critical.