Pleasanton CA Homes for Sale | Pleasanton Market Update August 2016
- Market becoming more balanced
- Inventory falls – first time since December
- Pending sales tick up
- Middle of the market ($1 million – $2 million) strong
We made the case last month that the Pleasanton real estate market was returning to a more balanced and “normal” state, where aggressive overbids and multiple offers on every home are no longer the norm. That continues to be true but August’s statistics look remarkably like those of a year ago. Inventory, sales, prices and days on the market were all very close to where they were in August 2015. There is still a great deal of demand in this market, with homes priced from $1 million to $2 million looking particularly strong in August (20 days on the market and selling over list – on average).
After dipping below $1 million in July for the first time in five months, the median sales price increased 2% to $1,018,000 in August. That was 3% above August 2015‘s $990,000. The price per square foot fell 2% in August, from $493 in July to $484. That compares to $470 a year ago. The average sale in August was for 100% of the list price, compared to 99% in July, as well as in August 2015. Days on the market in August (23) was little changed from July (22) or a year ago (21). August was, however, the third straight month that homes were on the market longer than the month before.
Inventory fell 9%, from 105 at the end of July to 96 at the end of August. One year ago, 93 homes were on the market. Pending sales increased by two units, from 52 in July to 54 in August. 55 sales wet pending a year ago. Inventory relative to pending sales stood at 1.8 months at the end of August, down from 2.0 months at the end of July but slightly more than August 2015’s 1.7 months.
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. Although inventory is higher than we have seen in a while, 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 more favorable to buyers than we have seen in a while. However, 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.