628 Del Sol Avenue is a lovely remodeled home within walking distance to our historic downtown.

• 4 bedrooms
• 2.5 baths
• Updated kitchen and baths.
• Brazillian cherry hardwood flooring

Open House on Saturday, 10/3 and Sunday, 10/4 from 1pm to 4pm.

Pleasanton Real Estate Market Update for August 2009

Sales Activity Is Very Strong

August 2009 Pleasanton Single Family Home Sales are up 48% from August 2008.

 The charts below show the sales activity for Pleasanton single family homes since January 1^st, 2009.

Starting in April 2009, the average monthly sales activity is 71 homes per month.

As you can see, homes sales doubled in the 2^nd quarter of 2009 and posted the strongest quarterly sales activity since the 2^nd quarter of 2007. 

Inventory Is On Steady Downward Trend

The inventory of single family homes for sale has dropped 37% since August of 2008.

The chart below shows the inventory level at the end of each month for Pleasanton single family homes since January 2009.

With the pace of sales for August 2009 at 77 homes, the unsold inventory index stands at 2.2 months of inventory.  This is the amount of time it would take to sell through the current inventory of 169 homes.  This number is considered to be very low.                                                               

Commentary

With the high sales activity and low inventory levels, it would be tempting to call this a sellers’ market.  However there is no evidence of any improvement on pricing levels. The median sales price for August 2009 of $706,500 for Pleasanton is down 3.22% from $730,000 for August of 2008.  Of the 126 homes currently reported as “pending” or under contract 52 of the 126 are either short sale properties or REO properties.  Short sale properties are homes being sold by the current owner where the home’s value is less than the amount owed.  The owner attempts to negotiate with the bank to accept less than the amount owed in order to avoid foreclosure.  REO properties are homes being sold by the bank that has taken a property through a foreclosure process.  The 52 properties represent 41%of all the current “pendings”. In other words 4 out of every 10 sales currently under contract represent a distress sale.  

No one knows what lies ahead, but looking at the current supply of homes for sale there is some bright news.  Of the 167 homes currently for sale as of 9/14/2009, only 11(or 6.5%) and 3(or 1.8%) are distress sales for a total of 14 or 8.3% of the total of 167. An abundance of distressed properties in a market can bring values down. For now, Pleasanton has a very limited number of distress sales and that has kept property values from free falling as much as we have seen in communities like Brentwood and Hayward.

For the second consecutive year, JD Power and Associates reports that Keller Williams Realty ranks highest in customer satisfaction with home buyers.

Overall satisfaction was determined by examining three factors for the home-buying experience: agent (47%); office (28%); and package of additional services (25%) according to the J.D. Power and Associates 2009 Home Buyer/Seller Study^SM now in its second year.

Click here to read the results of the entire study.

Then contact us and find out why so many buyers are choosing to work with us. Homes sales are significantly up in Pleasanton and mortgage rates continue to remain low. If you are considering buying a home in Pleasanton or the Tri-Valley area contact us for a complimentary consultation. We’ll answer all your questions and help you formulate a strategy for success.

If you are a first time home buyer and are still on the fence about making a purchase this year, the time for action is now. The first time home buyer tax credit of $8000 will expire on December 1, 2009. 

In order to be eligible for the tax credit, the purchase of your home must be completed and escrow closed by November 30. Simply entering into a contract to purchase a home by December 1st will NOT enable you to take advantage of the credit. The time it takes from entering into a purchase contract to closing escrow can vary from 30 to 45 days, to 60 days or longer. Therefore, if you’re serious about taking advantage of this tax credit, the time to act is now!

Click here to read an article about the tax credit.

With mortgage rates holding steady and lots of great homes on the market in Pleasanton, Dublin, Livermore and beyond, it’s a terrific time to buy.

Contact us today to discuss your buying goals or to take a look at available homes.