Pleasanton Real Estate Market Update – November 2022

The Pleasanton real estate market in November is slipped into hibernation mode.  Most key indexes were lower, with homes sold down 8% from October and 49% from last November.  Inventory is down 38% from October, but up 225% from November of 2021.  Median days on market decreased slightly from October, down 6.7%, but is up a whopping 300% from November of last year.

In terms of pricing, the median price per sq ft was down 2.1% as compared to October, and down 13% from November of last year.  The median sold price was up slightly from October, at $1,630,000, but is down 4.1% from November 2021.  And pending sales are down 19% from October, and 48% from November of last year.

Inventory continues to be constrained (no surprise given the time of year), which is reducing the number of sales.  Normally when inventory is tight you might expect to see upward pressure on prices, but that is not the case right now, and continued concern about the economy, the sharp rise in interest rates, and a general mood of uncertainty rules the day.

In another indication of the general softness of prices,  the Sold price/List price % dropped to 92% in November, down from 96% in October.  As a reminder, in March the sold price/list price stood at 119%. 

So what does this mean?

Sellers who are realistic about their asking price will see good activity.  Those who are stubbornly holding on to the market that was are in for a rough ride.

For buyers, it is an excellent time to value shop.  Your often stated wish has come through: no more competing for homes.  You now have the luxury of shopping for homes.  You have time to make a reasoned offer without the pressure, versus having to decide in 24 hours after seeing the house once.  You can also make an offer for less than asking price in most cases.  And you can add contingencies into your offer, which has been almost unheard of in the past 2 years.   

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.