Pleasanton CA Homes for Sale | Pleasanton Market Update November 2017
- Overall inventory stabilizes
- But very low supply of homes under $2 million
- Sales remain strong
- Homes selling for about list price
While the overall supply of homes for sale in Pleasanton fell by only one unit in November, the inventory of homes priced under $2 million was very low at the end of the month. Even lower was the supply of homes priced under $1 million (3 total). That hasn’t deterred buyers, who continued to show a willingness to pay for quality properties. Pending sales were down from October but were 50% higher than a year ago.
40 homes were actively listed at the end of November, only one less than at the end of October and four less than a year ago. For the past few months, inventory has been at about half the level of a year earlier. Pending sales fell 25%, from 56 in October to 42 in November. However, November had 14 more sales go pending than did November 2016. Those changes left just under a one month supply of homes on the market at the end of November.
More than half the inventory, however, was in homes priced at $2 million or more. Only three homes were on the market priced under $1 million (less than a week’s supply) and 15 priced from $1 million to $2 million (3 week supply).
On average, homes sold for 99% of their list price in November, up from 97% in both October of this year and November of last. The median sales price in November was $1,2 million, up 7% from $1.125 million in October and 14% from a year ago. The price per square foot slipped 3% from October but was 10% higher than in November 2016.
Time on the market has been increasing the past few months and homes sold in November were listed for an average of 32 days, compared to 28 days in October and 30 days a year ago.
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.