Pleasanton CA Homes for Sale | Pleasanton Market Update July 2017
- Inventory is low
- Low supply impacting sales
- Prices steady
- Low end remains is high demand
The supply of homes for sale shrank 16% in July and was only 64% of the level a year ago. The low level of inventory is having an impact on sales, with pending sales falling 15% from June. Even with strong demand and low supply, we are not seeing the upward pressure on prices we might expect. Most price indicators have been fairly flat in recent months but remain well above those from 2016. The $1 million to $2 million segment was the hottest in July, with homes selling in an average of 14 days for 101% of their average list price.
67 homes were actively listed at the end of July, down 16% from 80 at the end of June and 36% from 105 at the end of July 2016. Pending sales dipped 15%, from 74 in June to 63 in July. That was still 31% more sales than a year earlier. With both sales and inventory declining from June, supply remained at 1.1%.
July’s median sales price was $1.1 million, unchanged from June but 10% higher than July 2016’s $999,999. The price per square foot was little changed, $518 in July vs $520 in June. On average, sellers received 99% of their asking price for sales closed in July, versus 100% in June and 99% in July 2016. Homes sold in an average of 20 days in July, compared to 18 in June and 22 a year ago.
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 very low and demand is 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 has been fairly balanced, especially compared to the previous few years but inventory is low and multiple offers much more common than in the past year. Prime properties, in particular, are getting a great deal of attention and multiple offers. 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.