Homes for Sale and Real Estate Market Update Video for Pleasanton CA January 23, 2018
Hi everybody, this is Doug Buenz with the 680 Group and Venture |Sotheby’s and 680homes.com. This is our October Market Minute for Pleasanton California.
What’s going on in the market? Well, inventory is constrained still but it is higher than last year. Buyers are more cautious, certainly there seems to be a shift in the buyer mentality. They are more deliberate, there is not as much pressure to make multiple offers. So buyers have definitely slowed down their pace and that is having an impact.
The news media is starting to report that the market has slowed down. You are starting to see some of those news stories filter in and that will also further impact buyers thinking. But surprisingly prices are higher right now than they were last year at this time. So prices are still up there and we have not seen a serious deterioration in prices yet.
Let’s take a look at some of the stats.
Average Price Per Square Foot for sold properties in September was $598 a square foot in Pleasanton. In August it was $593. It is actually up slightly. In September of 2017 the average price per square foot for sold property was $531, so prices are actually by this measure, about 12% higher than they were last year at this time.
Let’s take a look at Active Pending and Sold Properties. The pace of the market. Right now there are 84 active listings in Pleasanton.
Single family home listings, there are 43 pending sales and 48 sold properties in the month of September.
How does that compare to last month? Last month we had 97 active listings, so inventory is down slightly. Pending sales were a little lower in August, so pending sales are actually a little bit higher 41 pending sales in August compared to 43 last months, and 63 closed sales in August compared to 48 this month. So that’s where you are starting to see a drop in activity.
If we look at Average Days on Market for Active Listings, right now for properties under $1,000,0000 in Pleasanton, the average days on market is 36 for the $1,000,000 – $2,000,000 price bracket, the average days on market is 31. For active listing and over $2,000,000 it is 142 days on the market, that’s not surprising.
So let’s take a look at Percentage of Listings with Price Reductions in Pleasanton in September. 39.3% of the active listings in Pleasanton had price reductions, 30.2% of the pending listings had price reductions and 29.2% of the sold properties had price reductions, so we are seeing some price adjustments out there as the pace of the market slows down.
Let’s take a look at Percentage of Homes Sold Over List Price. So in the under $1,000,000 price bracket 44% of the sales were over the asking price. In the $1,000,000 – $2,000,000 price bracket, 38% of the closed sales were over the list price and in the $2,000,000 plus bracket there was 0% of the properties that were sold over the asking price. So again, when you get into over $2,000,000 bracket the market of course is a little bit slower and moves at a little different pace.
Overall 37.5% of the sales in Pleasanton in September were over the asking price.
So there you have it. Prices are softening but still higher than they were a year ago. Inventory is still constrained and the buyers have a different attitude about the market and that will start to translated into less aggressive offers and we will see how that goes moving forward.
That is it for now. Be sure to like and share this with your friends if you think they would get some value out of it. We invite you to comment on this video below as well. Let us know your thoughts and as always if we can help you or someone you know with their real estate needs, call us today 925-621-0680 or go to our website 680homes.com for our listings.
Thanks for watching.