Pleasanton Real Estate Market Update for September 2022 – Limping Along

The Pleasanton real estate market continued its sluggish ways in September.  Closed sales were down 23% from last month, and 44% from last September.  Inventory remained the same, but is up 179% from September 2021.  Median price per sq ft was 2.4% lower than August, and 5% below last September. Meanwhile pending sales were down 8.5% from August, and 42% from September last year.  The median sales price was down .6% from August, and flat compared to last September.  Median days on market actually fell 8.3% compared to August, but remains 214% higher than last September. 

Months of inventory reflects the “burn rate” of available homes. In other words, how long will it take (in months) to sell all the available homes on the market given the number of pending sales.  Or the number of available homes divided by the number of pending sales for the month.  It is one of the most useful market gauges.  For September, months of inventory was 1.8 months, which is up 30% from August and a whopping 398% from September of last year.

There is still a relatively constrained level of inventory, which is keeping the market somewhat stable.  If we see large increases in inventory it could prompt downward pressure on prices. However, 43% of the active listings currently have had price reductions, again showing that some sellers are having to reduce their asking price to generate interest.  And the % of sales price to list price has continued to drop, showing that most sellers are not getting their asking price

For sellers, it is time to be realistic about your pricing.  And you would be well served to do as many quick upgrades as possible to make your home appealing.  Buyers now have the luxury of choice, so it is critical to remove as many objections as possible and practical.

For buyers, now is the time to shop quality.  Not all homes will sit on the market.  The true cream of the crop homes will still get interest from other buyers.  If you are looking for a deal, there are definitely some good buys out there if you are willing to do some cosmetic improvements after you close

In uncertain market conditions like this, you need a true professional to guide you.  Call me today and let’s talk about you and your real estate needs.