Market Minute Pleasanton November 2018

 

Hi everybody. This is Doug Buenz with the 680 Homes Group, Venture Sotheby’s International Realty, and 680homes. This is our November Market Minute from Pleasanton, California.

 

So what’s happening in the Pleasanton market? Well, the good news is the Pleasanton market seems to have rebounded some. As you know, it certainly softened up in August and September, but October showed a little bit of a rebound.

 

For an inventory, there were 74 Pleasanton CA homes available overall, compared to 97 at the end of August, so you can see the inventory has been constrained a little bit. Some of the inventory has been sold. Some of the sellers have taken their homes off the market.

 

Pending sales and closed sales are higher. We had 51 closed sales in October, and that is up from 48 in September. The pending sales were up slightly, so good news. A little more activity on the demand side, a little less supply, so the market did indeed rebound a little bit.

 

Let’s take a little deeper dive into some of the stats.

 

The average number of days on market for active listings, for Pleasanton CA homes under $1,000,000 was 32. That is up significantly from the spring, but it is still not bad. For homes between $1,000,000 and $2,000,000, it was 28, so that remains a very active price segment. And for homes over $2,000,000, the average number of days on the market was 211, which indicates that that market segment remains very slow.

 

The average price per square foot for sold properties, under $1,000,000 was $612 a square foot average. For homes between $1,000,000 and $2,000,000 it was $596 a square foot for average. And homes over $2,000,000 the average price per square foot for sold properties in October was $448 a square foot. You can see that as you go up the price curve the price per square foot tends to decline and the market gets softer.

 

Let’s talk about the percentage of homes sold over the asking price. That’s a good indicator of the strength of the market. So homes under $1,000,000, 14% of those homes sold over the asking price, so that tells you buyers are a little more concerned about value and they are not being nearly as aggressive in their offer prices. For homes between $1,000,000 and $2,000,000, 46% of those homes sold over the asking price, so again another indicator that that price range remains one of the most active in Pleasanton. For homes over $2,000,000, 14% of the homes sold over the asking price, so again another indication that when you get over $2,000,000 the market gets a little bit tougher.

 

Let’s take a look at the median sales price. The median sales price in Pleasanton was $1,240,000 in October. That’s up from $1,123,000 last month, so it is up slightly. A year ago it was $1,125,000, so prices again are up from a year ago, even though the market has slowed.

 

In summary, October saw a rebound in the Pleasanton market. There were buyers out there looking for value and some of the sellers delivered that value in the form of lower prices or price reductions. The $1,000,000 to $2,000,000 market remains very strong and the market over $2,000,000 remains very weak. Overall, not bad for October.