Pleasanton CA Homes for Sale | Pleasanton Market Update February 2017
- Low inventory still constraining sales
- Inventory increases but still very low
- Pending sales increase but below year ago
- Middle of the market ($1 million – $2 million) strongest
- The low level of inventory continued to keep sales low during February but we are starting to see more homes coming on the market. The number of homes for sale increased 47% from January but that was from a very low level and there were still 17% fewer homes available than a year ago. Pending sales still managed to increase by four units from February but were lower than in February 2016. Inventory was pretty evenly spread across market segments while homes priced from $1 million to $2 million were the most in demand in February. Homes in that segment sold more quickly and at higher prices relative to the list price than in other price ranges.44 homes were actively listed at the end of February, 14 more than at the end of January but nine less than a year ago. Pending sales increased from 34 in January to 38 in February. That compares to 49 pending sales in February 2016. The supply relative to sales increased from 0.9 months at the end of January to 1.2 months at the end of February.Pricing has remained pretty steady so far this year. On average, homes sold for 99% of their list price in February, unchanged from January but down one percent from a year earlier. The price per square foot was also unchanged from January’s $492, which was a 5% increase from February 2016. February’s median sales price was virtually unchanged ($1,028,000 in January versus $1,030,000 in January). January’s median price was off 2% from a year ago. The sales that closed in February did so in an average of 22 days, compared to 38 days in January and 22 days in February 2016.
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.