Pleasanton CA Homes for Sale and Real Estate Market Update March 21, 2018

Pleasanton CA Homes for Sale and Real Estate Market Update March 21, 2018

 

The Pleasanton real estate market remains hot!  Inventory remains tight, and demand is strong.  Overall we have seen an increase in inventory this month, but pending sales are up as well.  The net result is there are 38 available homes for sale in Pleasanton as of today, which is down from 40 last moth to date.  So more homes have hit the market, and more homes have sold.  In fact, we have 45 pending sales in Pleasanton so far this month, which is up 55% from the same period in February.  So we are entering the Spring market with a frenzy of activity in most price ranges.

See the attached chart for details, which compares this month to date with the same period in February overall and by different price brackets.  For overall activity (all price ranges), we see inventory and new listings relatively unchanged, but a big jump in pending sales (up 55%).  Sold homes is up 107% so far from February.  The average days on market for sold homes is 13, which is up from February as a result of several sales in the $2 million plus market, which traditionally sees longer market times.  The sales price to list price ration overall is 106% for sold properties, meaning that on average homes sold for 6% over their asking price.  Another indication that the market is very strong.  Here are some other interesting data points from the 3 price brackets:

Under $1 Million:  Only 5 homes currently for sale.  6 days on the market on average for sold homes.  Homes sold for 107% of list price on average.  Average price per sq ft is $607.  This market segment is on fire, and as the market moves up there are fewer and fewer options for buyers under $1 million

$1 Million to $2 Million bracket:  11 available homes for sale, which is down 42% from the same period in February.  New listings are also down 43%, with 17 new listings month to date.  Pending sales are up slightly (26), and sold homes are double the same period last month (22).  The average price per sq ft for closed sales is $574, and the average sales price to list price ratio is 104%, which is up 3% from the same period in February.  This market segment remains very robust.

$2 Million plus bracket: This price segment saw the biggest jump in activity.  Available home for sale is 22 right now, up 37% from the same period in February.  There are 12 new listings, which is up 200% from last month.  And we had 8 pending sales, a whopping 700% increase from last month at this time.  There are 3 closed sales, versus none last month at this time.  The average days on market is 62 for closed sales, which again illustrates that this segment takes a bit longer to sell.  The average price per sq ft for closed sales this month is $479.

The Spring market is on!  Happy Hunting!

Video Transcript

Hi everybody. It’s Doug Buenz with the 680 Group at Venture Sotheby’s here in Pleasanton. I wanted to give you a quick update on the Pleasanton market, and spring has sprung. The market is at a frenzied pace in most cases. If we take a look at this month, March, compared to last month, February, at this time, we have some interesting stats.

                        Just to give you an idea, there are 38 homes for sale right now in Pleasanton. That’s still an insanely low number by historical standards. New listings, there’s 43 so far this month, and pending sales, there’s 45. So, the new inventory’s getting absorbed and then some. The sold homes, we’ve closed 29 homes so far this month overall in Pleasanton. That’s up 107% from last month at this time. The average days on market overall is 13. The average price per square foot is $579, so that’s down insignificantly.

                        The average sales price to list price ratio is 106%, and that’s up about 2%. We’re seeing multiple offers in most cases. If you look at the three price brackets, under a million is on fire. There are only five homes, FIVE HOMES for sale right now in Pleasanton under a million dollars. There were 14 new listings this month and 11 pending sales. 11 pending sales is up 83% from last month, so a constrained inventory market to be sure.

                        We’re seeing the average price per square foot at $605 a square foot, and the sales price to list price ratio for homes under a million is 107%. That’s up 2% from February at this time. If we look at the $1,000,000 to $2,000,000 bracket, a little higher price, we’re seeing new available homes at 11. That’s down 40% from last month at this time. There are 17 new listings so far this month. That’s down 43%, so a little less inventory in that price bracket.

                        There are 26 pending sales. That’s up about 20%, and there are 22 closed sales this month in that price bracket, $1,000,000 to $2,000,000. That’s up. That’s double what it was in February. The average days on market for the sold properties is 5, five days on market between a $1,000,000 to $2,000,000. Man, that’s a smoking-hot price segment. That’s down almost 70% from last month.

                        The average price per square foot in that bracket is $574. That’s up about 3%. The average sales price to list price ratio on sold homes is 104%. Again, multiple offer market, so that market segment is doing great. The $2,000,000+ market is showing some sign of life as well. There are 22 homes for sale right now in Pleasanton over two million dollars. That’s up 37% from last month.

                        New listings in the $2,000,000+ market are  12, so there are 12 new listings in Pleasanton this month. That’s up 200% from last month, so it’s double. Pending sales, there are eight pending sales in that price bracket. That’s up a whopping 700% from last month, so a lot of activity in that two million plus. Even the $3,000,000 plus, we’ve seen a couple sales this week, so the upper end is showing signs of life. We’re getting lots of Peninsula and South Bay buyers moving into that price segment.

                        There are three homes that closed this month over $2,000,000. The average days on market for those is 62, a little longer days on market for the higher-priced inventory. The price per square foot on average was $479, a little lower price per square foot in the upper reaches. The sales price to list price ratio is 96%, so didn’t quite hit asking price.

                        That’s what’s going on in the market right now. Spring is here. Inventory is continuing to hit the market, which is good news for buyers. Get ready. Get pre-approved. Work with a great agent. If we can help you at all, please give us a call. Doug Buenz and The 680 Group, (925) 621-0680, or visit our website, 680homes.com. We’d love to help you.