Pleasanton CA Homes for Sale | Pleasanton Market Update February 2016
There is still some uneasiness in the real estate market due to the political and economic climate but Pleasanton took a big step toward shaking that off in February with a big increase in pending sales and, for the second straight month, rising inventory. Pending sales had been falling steadily since May, so the increase was welcome. Inventory remains low but is ahead of the level of a year ago. Prices also firmed up a bit in February, with all indicators rising above their January levels, as well as those from a year earlier. Demand remains the strongest in the lower end, where there is just over two weeks of inventory of homes priced below $1 million.
53 properties were actively listed at the end of February, four more than at the end of January and ten more than a year ago. Pending sales more than doubled, from 24 in January to 50 in February. That was on par with January 2015’s 51 pending sales. Closed sales fell six units from January to 23 in February. That was also below the 30 closed sales in February 2015. The big jump in pending sales cut inventory relative to sales from 2 months at the end of January to 1.1 months at the end of February. February’s closed sales were on the market an average of 20 days, five more days than in January. However, 20 days is still a short time for homes to be listed. 20 days in generally considered to be a hot market.
The median sales price in February was $1,020,000, a 4% increase from $985,000 in January and 9% higher than February 2015’s $940,000. The average sales was for 100% of the list price in February, compared to 99% in January and 100% a year ago. The price per square foot increased slightly, from $478 in January to $481 in February. One year earlier, the price per square foot was $427.
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 a great deal 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.