Pleasanton Real Estate Market Update - April 2023

The Pleasanton real estate market showed a surge activity in March.  Seems like buyers are emerging and demand is strong, with many buyers feeling that the market is at or near the bottom after the strong decline in values last half of 2022.  Closed sales in March were up 50% from February, pending sales were up 37%, and the median sold price was up 24%.  Inventory remained constrained, with the number of available homes for sale up just 3% from February.  Median days on market was unchanged from February, and the median price per sq ft was down slightly at $770 per sq ft, but the average list price to sales price ratio edged up to 100%, up strongly from 93% in November.

Inventory remains the largest variable, and it remains stubbornly low by historic standards. While some buyers remained cautious in terms of what they were willing to pay, other buyers have become more aggressive given the lack of inventory, and even found themselves in multiple offer situations again.  All of this is good news to sellers who have been battered by the erosion of value over the last 8 months. 

Interest rates are another key factor, and mortgage rates have eased about ½% since early March, adding to the demand surge.  If mortgage rates ease over the next few months we could see a very strong Summer and Fall home selling season.

For sellers, the outlook has definitely improved. Cosmetic fixes before you go on the market are important to make sure your home appeals to today’s buyer. It is also wise to get inspections, and if possible complete the recommended repairs. The more potential objections you can eliminate the more attractive your home will be to buyers

For buyers, competition has heated up for the best homes on the market, so be prepared to be aggressive in your offers.  You are still buying at a discount from the peak of the market last Spring, so in a sense all of the homes available are on sale.  And remember the old saying “You marry the house, but date the rate”.  You can always refi down the road if/when rates come down, or even consider adjustable rate loans that are fixed for 5-10 years to buy time. 

Now more than ever it is crucial to get the advice of a professional REALTOR.  If you would like to discuss the current market and how it impacts you, give me a call today at (925) 621-0680.  As a broker with over 30 years’ experience, I am here to help.