Pleasanton CA Homes for Sale | Pleasanton Market Update August 2017
- Inventory falls again – 62% of year ago supply
- Low supply impacting sales
- But demand is strong – pending sales 10% higher than year ago
- Prices up
Even though low inventory levels (62% of year ago) are impacting sales, pending sales were still 10% higher than a year earlier. The median sales price was up 9% from July and 19% from August 2016. Homes priced below $1 million remain in very high demand, with only a two week supply.
August ended with 60 homes for sale, the fewest since March. That compares to 67 at the end of July and 96 a year ago. Buyers were out looking and ready to act. Although pending sales dipped 8% from July (57 in August and 62 in July), they were 10% higher than August 2016’s 96. With both sales and inventory dipping form July, relative supply remained unchanged at 1.1 months, versus 1.8 months at this time last year.
On average, homes sold in 23 days in August, compared to 20 days in July and 30 days a year earlier. The median sales price in August increased 9%, from July’s $1.1 million to $1.2 million. That was 19% higher than August 2016’s $1.01 million. Homes sold in August for 99% of their asking price, unchanged from July but higher than the 97% they sold for a year ago. The price per square foot in August was $507, slightly below last month’s $518 but higher than the $494 in August 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.