Typical late fall market
While not exactly sleepy, the Pleasanton real estate market was definitely not hyper-active in November. Constrained inventory and lessened demand continued to keep a lid on sales and prices. Prime properties, priced appropriately and in good locations continue to attract attention but even in multiple offer situations, buyers are less likely to bid aggressively. November’s average sale was for 97% of the list price. Pending sales were off 28% from October but were 29% higher than a year ago, a clear indication that demand is healthy.
Only 44 homes were actively listed at the end of November, down 35 units from October’s 79 and five from November 2015’s 49. Those 44 homes represented only a one month supply, compared to 1.3 months at the end of October and 1.4 months a year ago. Pending sales fell from 61 in October to 44 in November, 28% drop. That was still more sales than went to contract a year ago (34). Closed sales, riding the increase in pending sales the previous three months increased by ten units to 65 in October.
November’s median sales price increased slightly, from $1,015,000 in October to $1,049,000 in November. November’s price was 13% higher than a year earlier. The price per square foot fell 3%, from $486 in October to $470 in November. One year ago, homes sold for 100% of the list price, compared to 97% for both October and November of this year. Homes were on the market longer than as they were a year ago as well. November’s average sales took 31 days, compared to 33 in October and 19 days in November 2015.
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 low and demand remains 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 is fairly balanced, especially compared to the previous few years. Prime properties are still getting a great deal of attention and even multiple offers on occasion. 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.