Pleasanton CA Homes for Sale | Pleasanton Market Update January 2016
The Pleasanton real estate market has a feeling of uneasiness right now. General uncertainty regarding the economy, the political environment and interest rates are making buyers and seller, alike, more cautious. The market behaved as we would have expected in some ways in January but in other ways ran counter to norms. Inventory increased in February, after bottoming out in January – a pretty normal December to January bounce. Even with the increase though, inventory was still very low and lower priced homes, which were in greatest demand, were in shortest supply.
Sales, which we would normally expect to see come up a little in January, actually fell. In fact, fewer sales went pending than in any month since December 2013. With rising inventory and declining sales, we would anticipate softer prices but the opposite was true. The median sales price was at its highest point since June and homes, on average, sold for 100% of their list price. Again, the low end was the driver and was the only segment where homes sold for more than the average list price.
A good indication of the strength of demand here is the fact that homes were on the market for an average of only 13 days in January. That matched the low for all of last year, set in May when the market was much hotter.
Pending sales fell for the third straight month and have declined in seven of the past eight months. Only 22 sales went to contract in January, down from 27 in December and 29 a year ago. We saw a fair number of new properties come on the market in January, pushing inventory up 13 units or 36% from December’s 36 to 49 at the end of January. That was also eight more homes than were on the market a year ago. Compare that to 2011, however, when we had as many as 240 homes available for sale and you can see just how low inventory is here. Because pending sales were so low, inventory relative to sales increased in January, from 1.3 months at the end of December to 2.2 months at the end of January.
January’s median sales price was $1,005,000, the first time over $1 million since June. That was a 7% bump from December’s $940,000 and a 21% increase from January 2015’s $834,000. The average sale was for 100% of the list price in January, up from 98% in December but below January 2015’s 101%. The price per square foot was the one price indicator that fell in January, from $491 in December to $481 in January. One year ago, it was $434.
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. Inventory is very low and there is still strong demand from buyers, 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 some properties, having a highly competent agent who knows the Pleasanton market will be critical to your success
Buyers: Being prepared to act quickly will be the key to getting the home you are looking for. While properties are staying on the market a bit longer, and there are fewer multiple offers, prime properties are still getting lots of attention and often see multiple offers. 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.