Pleasanton CA Homes for Sale | Pleasanton Market Update October 2017
- Inventory drops again
- About half the inventory as a year ago
- Pending sales rise after falling for four months
- Less than two week supply of sub $2 million homes
After slowing in September, the loss of inventory accelerated again in October to 29%. As has been the case for the past several months, we had about half the supply of a year earlier. Pending sales shot up 20%, with homes priced from $1 million to $2 million leading the charge. Properties in that end of the market have been in great demand. They made up only 30% of Pleasanton’s inventory at the end of October but accounted for 60% of pending sales.
Inventory fell from 58 homes at the end of September to 41 at the end of October, a 29% drop. 59 sales went to contract in October, up from 49 in September but still slightly off October 2016’s 62. That cut the supply relative to sales from 1.2 months at the end of September to only 0.7 months at the end of October. One year earlier, there was a 1.3 month supply.
October’s median sales price was $1.1 million, down 4% from $1.15 million in September but 8% higher than October 2015’s $1,015,000. Homes sold for 97% of the average list price in October, compared to 99% in September and 97% a year ago. The price per square foot increased 3%, from $510 in September to $523 in October. Time on the market was little changed at 27 days.
Homes sold in September did so in an average of 27 days, compared to 23 in August and 30 in September 2016.
The tables below provide further details on the current market compared to prior periods, as well as a look at different market segments.
Sellers: It is a great time to be selling a home in Pleasanton. Inventory is very low and demand is strong, especially for prime properties in excellent condition that are priced right. Proper marketing and staging will be important to getting the most for your home. While multiple offers are still occurring for a few select properties, most other homes have to be priced strategically to get top dollar. More than ever, having a highly competent agent who knows the Pleasanton market will be critical to your success
Buyers: The current market has been fairly balanced, especially compared to the previous few years but inventory is low and multiple offers much more common than in the past year. Prime properties, in particular, are getting a great deal of attention and multiple offers. Being prepared to act quickly will be the key to getting the home you are looking for. Having a professional Realtor who understands the Pleasanton market and your own strengths as a buyer will put you in a strong position to secure the home you really want.