Pleasanton Real Estate Market Update - July 2022

The Pleasanton real estate market continued to soften in July with a continued slowdown in activity.  Closed sales were down 22% from last month, days on market were up 43%, median price per sq ft and median sold price were both lower, and pending sales were down 21%. 

Interestingly, while the median $/sq ft was down 8.2% from June, it is still 6.4% higher than last year (July of 2021), indicating that prices are still largely above what they were a year ago.  And while inventory is 120% higher than last year in July, it is actually down by 2% from last month.  So inventory is still low by historical standards, which is helping to keep some stability in the market.  However, as a further indication of a sluggish market, 34% of the active listings currently have had price reductions.

One of the trends that illustrates in stark terms the shift in the market is the average sales price to list price ratio.  In April of this year, the AVERAGE sales price to list price ratio was an astounding 118%, indicating that on average homes sold for 18% over asking.  In July, that ratio of sales price to list price was 98%.  Now homes selling for 98%, still good, but a stark contrast to the ridiculous auction like condition in April. 

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

So the auction is over.  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.