Pleasanton CA Homes for Sale | Pleasanton Market Update December 2016
- Seasonal trends
- Lowest inventory in three years
- Sales fall – but higher than year ago
- Prices soften
While December was a typically slow month for Pleasanton, there are signs that things will pick up during the first quarter of the New Year. There is optimism that the economy will pick up and consumer confidence is rising. Interest rate increases appear to be on the horizon, which could force some buyers out of the market but a strengthening economy could offset that. Inventory has been the biggest constraint in the market for the past five year and there are no indications that that will change in the short term.
Fewer homes were for sale at the end of December than at any time since December 2013. Sales continue to be dragged down by a shortage of inventory. Prices softened in December, in spite of the short supply. That is unlikely to be the case for long, as there is still strong demand for housing.
24 properties were actively listed at the end of December, down from 44 at the end of November and 36 a year ago. December’s inventory represented only a 0.8 month supply, compared to 1.0 month at the end of November and 1.3 months at the end of December 2015. Pending sales dipped 24%, from 42 in November to 32 in December. That was still more than went pending a year earlier.
The median sales price was $1,010,000 in December, 4% lower than November’s $1,049,000 but 5% higher than December 2015’s $958,000. December’s average sale was for 97% of the list price, unchanged from November. The price per square foot was $478 in December, up a little form $470 in November but lower than the $488 posted a year ago. There was little change in the time homes were on the market. December’s sales closed in an average of 30 days, little changed from November’s 31 days but shorter than December 2015’s 47 days.
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. Inventory is low and demand remains strong, 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 a few select properties, most other homes have to be priced strategically to get top dollar. More than ever, having a highly competent agent who knows the Pleasanton market will be critical to your success
Buyers: The current market is fairly balanced, especially compared to the previous few years. Prime properties are still getting a great deal of attention and even multiple offers on occasion. Being prepared to act quickly will be the key to getting the home you are looking for. 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.