Pleasanton Real Estate Market Update - November 2024 Data

The Pleasanton real estate market saw a typical slowdown in November, as many real estate consumers began to hit the pause button.  Unsurprisingly, the pace of the market slowed in November, and stubbornly high Mortgage rates did not help (they have since eased).  Still, while activity has slowed, it has not stopped. There are still homes selling, some even with multiple offers.  But others are seeing sluggish activity.  We will see if buyers, hoping to get a jump on the Spring market, emerge during the holidays, or if the market slows further.

Let’s take a dive into the numbers for November.

Supply/Inventory:  The inventory of available single-family homes declined at the end of November, with a 45 homes on the market, down 32% from the end of October when there were 57 homes on the market.  However, inventory is still 9.8% higher than November of 2023. 

Demand: Pending sales (homes under contract) showed a decline. In November there were 31 pending sales, down 31% from the 48 pending sales in October. However, pending sales in November were up 24% from last November.  Closed sales in November were down 31% from October, and 8.3% from November of last year. Median days on market was 20 in November, which is up slightly from October, but 43% higher than November of 2023.

Prices: Pricing data showed a mixed bag in November, with a median sold price per sq foot of $852, down from $871 in October but up 6.2% from November of last year. The median sold price in November was $1,785,000, up 6.3% from October and 4.3% from November of last year.

The average sales price to list price ratio, which was 106% in May, rose slightly to 99%, indicating that there are still segments of the market that are strong.  For context, if homes are selling on average for their asking price (100%) it would indicate a strong market. But in this case it is more of an indicator that desirable homes priced aggressively are still seeing good activity, but homes that are not as desirable are having a harder time and selling below asking price as evidenced by the increase in median days on market. 

Interest Rates: Average 30 year fixed mortgage rates trended higher for much of November hitting a high in the 6.8% range which certainly impacted some of the demand for homes.  The average mortgage rates have since eased to an average of 6.69%. 

Economic/Other Considerations: Economic volatility and geopolitical instability continues to add to a climate of uncertainty, which impacts buyer’s aggressiveness and can drive many buyers to hit the pause button. Still, there is optimism in some quarters that the policies of the new administration might be able to help ease interest rates.  We are all hoping that is the case.  Now back to the eggnog and holiday treats.