Pleasanton CA Homes for Sale | Pleasanton Market Update November 2015
It was a typical November real estate market in Pleasanton. That’s to say, fewer active buyers, lower inventory and declining sales. Inventory was, however, higher in November than in any of the prior three Novembers (2012, 2013, 2014). The median sales price dipped below that of a year ago; the first time that has happened since March 2014. We saw fewer multiple offers and the average sale was for less than the list price for the second straight month. The low end of the market is where the action was, with tighter inventory and more sales.
Pending sales, which took a surprise jump in October, came back down in November; falling 45% from 60 in October to 33 in November. That was also 13% less than the 38 pending sales a year ago. Inventory fell from 77 at the end of October to 49 at the end of November. 44 homes were on the market a year ago. 40 sales closed in November, down from 53 in October and 45 a year earlier. Homes that did sell did so quickly in November – just 20 days. That was down from 35 days in October, which was the most in the past two years.
November’s median sales price was $930,000, 3% less than October’s $958,000 and 1% below November 2014’s $940,000. As mentioned earlier, it was the first time in over a year and a half that the median sales price was lower than that of a year prior. The average sale was for 99% of the list price, up a little form 98% in October, as well as November 2014. It was the second straight month the ratio was below 100% – the first time that has happened since December of last year. The price per square foot increased from $465 in October to $479 in November, a reflection of the fact that more lower priced homes (which tend to have a higher price per square foot) sold in November.
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 still a great time to be selling a home in Pleasanton. Inventory has been falling and there is still strong demand from buyers, especially for prime properties in excellent condition that are priced right. Proper marketing and staging will be important to getting the most for your home. While multiple offers are still occurring for some properties, having a highly competent agent who knows the Pleasanton market will be critical to your success
Buyers: Being prepared to act quickly will be the key to getting the home you are looking for. While properties are staying on the market a bit longer, and there are fewer multiple offers, prime properties are still getting lots of attention and often see multiple offers. Having a professional Realtor who understands the Pleasanton market and your own strengths as a buyer will put you in a strong position to secure the home you really want.