Homes for Sale and Real Estate Market Update for Pleasanton CA June 2018
We’re in the midst of summer and the market’s a little bit of a mixed bag at the moment. The under million dollar market remains very hot, and inventory remains extremely limited, as there’s only seven homes for sale right now in Pleasanton under $1 Million. That’s down 42% from last month, so we continue to see challenges in inventory in that price range. Many of the indicators in the under $1 Million market are up as a result, including the average price per square foot, which is $729, up 7% from last month at the same period. However, the average days on market, interestingly enough, for sold properties is now 11 days on the market, which is ridiculously low in the context of the national market, but for this area it’s crept up a little bit. It’s up 38% from the closed sales last month at this time. The average sales price and list price ratio is right at 100%, which is down 11% from the same period last month. That’s for closed sales. Not as much inventory, but perhaps a little bit of fatigue on the part of buyers there, so we’ll see.
In the $1 Million to $2 Million market segment, it looks like statistically things have cooled some. Homes for sale are up 7%, with 46 homes for sale right now in that price range. It’s up 7% as compared to last month at this time. Pending sales are down 10%, with 43 pending sales. Sold properties month to date are up 8% with 55 closed sales, so that is a reflection of past market activity last month. The average price per square foot in this price segment is $599, which is down 4% from last month. That compares to $729 in the under $1 Million market segment. As you see, the higher up in the price range you go typically the lower the price per square foot. Average days on market is 10 for sold properties, up a 11%, and the sales price to list price ratio in this price segment is 104%, which is very strong, but that’s down 2% from last month at this time.
In the $2 Million plus market segment pending sales are up 67% month to date compared to last month to date. That’s an indicator of strength, with 15 pending sales. However, sold properties are down 45% this month as compared to last month at the same period. We’re seeing average days on market up to 27, which is up 13% from last month. Sales price to list price ratio is 97%, which is down 2% from last month. The average price per square foot on closed sales over two million dollar is $482, which is down 6.2%.
You can see we’re starting to see cooling in some of these price segments and some of these statistics, but overall the market still remains strong. This is not unusual for summer, when buyers sometimes get distracted with vacations and kids out of school, etc. But the market is still very good for buyers, hopefully we’ll see some more inventory come on. If you are a buyer we’re likely to see the pace of the market slow a little bit in the summer. That’s fairly typical, so good time to get out and buy a property. If you’re a seller prices are still at historic highs, so it is still a great time to sell.
As always, if you know someone that would be interested in this market report, please share it with them and if there’s anything we can help you with give us call at 925-621-0680. Or our website, 680homes.com.
This is Doug Buenz with the 680 Homes Group and that’s the Pleasanton market recap.