Pleasanton CA Homes for Sale | Pleasanton Market Update October 2016
- Typical autumn market
- Inventory down
- Homes on market longer
- Prices flat-ish
- Strong demand in $1 million – $2 million segment
The real estate market in Pleasanton is behaving in a pretty typical way for this time of year. Inventory is lower, as fewer people try to sell their homes. Demand, however, is still healthy, especially in the $1 million to $2 million segment where homes were listed for an average of only 17 days during October. Time on the market increased during the month for homes priced above and below that range. Pricing remained steady but homes sold for less than their asking price, on average, for the fourth consecutive month. The uncertainty of the election may have played a role in keeping a lid on activity but now that it is over, I don’t expect any drawn out affects.
Inventory fell by eleven units in October, form 90 at the end of September to 79 at the end of October. 77 homes were actively listed a year ago. Demand was strong, however, evidenced by the increase in both pending and closed sales. 60 sales went to contract during October, eight more than in September and one more than in October 2015. Closed sales were up 26%, from 43 in September to 53 in October. October ended with a 1.3 month supply relative to pending sales, down from 1.7 months at the end of September and equal to a year ago.
The median sales price in October was $1,014,000, and increase of 4% from $973,000 in September and 8% from $942,000 a year earlier. The average sale in October was for 97% of the list price, unchanged from September, as well as a year ago. On average, homes sold during October did so in 33 days, compared to 30 days in September and 35 days in October 2015.
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.