Pleasanton August 2025 Real Estate Update

The Pleasanton real estate market in July was sluggish and erratic, with most of the major statistics trending lower.  Stubbornly high mortgage rates continuing to put a damper on demand, with most buyers seemingly not in much of a hurry.  There are always a handful of homes that sell fast with multiple offers but for the market in general things are moving at a slower pace.

Let’s take a dive into the numbers for July:

Supply/Inventory:  The inventory of available single-family homes slid to 99 homes for sale at the end of July, an 8% decrease from the end of June when there were 105 homes for sale.  However, this is still 18% higher than July of last year.  There are some sellers who have decided to wait for more favorable market conditions, and have taken their homes off the market, which is keeping inventory in check.  Still there are more houses for sale now last year at this time.

Demand: Pending sales (homes under contract) dropped 11% drop in July, with 47 pending sales for the month, down from 52 in June and 62 in May.  However, it was 4.4% higher than July of 2024.  There were 54 closed sales in July, down 14% from June’s figure of 63. This is also 3.6% lower than July of last year. Median days on market for closed sales dropped slightly to 19 in July but is still 58% higher than July of last year.  Average days on market for Active listings in Pleasanton stands at 64, showing that most homes are simply taking longer to sell.

Prices: The median sold price was down 6.3% in July, coming in at $1,658,888 as compared to $1,770,000, in June.  It is down 7.1% from July of last year. The median sold price per sq ft declined as well, coming in at $806 in July, down 5.4% from June’s figure of $852.  This continued a downward trend, with the average sold price per sq ft in March at $884 per sq ft, April at $866, May at $864.  The average sales price to list price ratio in July continued to trend lower, declining to 96%, down from 97% in June, with a peak of 106% in May of 2024.  This is perhaps the best indicator that the market has softened.  Approximately 40% of the current listings have had price reductions. 

Interest Rates: Average 30-year fixed mortgage rates have remained stubbornly high, currently sitting at 6.72%.  It remains well above October of last year’s low point of 6.08%.  Interest rates remain the key driver for the real estate market.  A nice reduction in rates could really help the market as we enter the Fall.  We’ll see…

Economic/Other Considerations: The economy continues to show mixed signals.  Inflation remains manageable, although concern about the effects of tariffs continues to be a  wild card.  The stock market remains strong with periods of volatility.  There is some concern about structural unemployment with weaker than expected jobs reports.  And interest rates, specifically mortgage rates, remain stubbornly high.  Everyone is hoping we can see mortgage rates ease, which should add some strength to the housing market.  Fingers crossed…