Hi everybody. This is Doug Buenz with the 680 Homes Group at Venture Sotheby’s International Realty. This is your December Market Minute for the City of Pleasanton.
What is going on in Pleasanton? Well, it is much the same story in the East Bay. We are seeing sales activity, and inventory down. We are seeing some downward pressure on prices. The market is slower. It is December, so certainly a big part of that is seasonal, but there also seems to be some structural components as well with higher interest rates, and a little more economic uncertainty.
For Pleasanton, inventory at the end of November was 56 single-family homes. That is down from 71 at the end of October, so inventory is down. To put it in context, in November of 2017, inventory was 40 homes, so inventory is higher than it was last year at this time. Pending sales are also down. There were 38 pending sales in November for single-family homes in Pleasanton. That is down from 52 in October. As comparison, in November of 2017, a year ago, there were 40 pending sales, so it is down slightly from a year ago. Closed sales are also down. 51 closed sales in November of this year. That is down from 54 in October and down from 56 in November of 2017.
We are seeing little slower sales activity for sure. Interestingly enough, the average price per square foot for sold properties in November was $553 a square foot. That is up from October, which was $541 a square foot. Compared to a year ago, it is up about 10%. It was $515 a square foot on average for sold properties in November of 2017, so prices have really stayed the course. It is kind of interesting. Although, if you look at the median home price, that is down. The median home price in November for sold properties was $1.2 million. That is down from $1,277,000 in October. What is happening is, there are a few more sales on the lower end, which are typically at higher prices per square foot, so the median price is down, reflecting the fact that more lower end homes have sold, but the average price per square foot is up a little bit, which is certainly in step with the price per square foot trends based on price ranges.
The absorption rate, 67.9% of the inventory was sold in November. That compares to 73% in October, and 100% in November of 2017. The inventory is moving at a little slower clip. Percent of properties sold over asking in Pleasanton in November was 32.7%. The percent of homes that had price reductions, 34% of the active listings in November had price reductions. 40% of the pending sales had price reductions, and 45% of the closed sales had price reductions. You can see there is some softening of the market, and some downward pressure on prices.
But overall, certainly not a bad report for December, for this time of year. That is our Market Minute for December. As always, if we can help you or someone you know with any of your real estate needs, give us a call at 925-621-0680, or visit our website at 680homes.com. If you know anyone who would find this information useful, please do share it with them. Feel free to comment on the video below. Thanks for watching.
