Mid Year Market Update
The first six months of 2008showed mixed results for our Pleasanton Real Estate Market. Overall the market appears to be searching for some semblance of normality. Let’s call it the new normal.
SINGLE FAMILY HOMES: Inventory levels are up for single family homes from this time last year. There are currently 253 single family homes available for sale. That is up 21% (209) from one year ago. The year started out with 135 and has nearly doubled since then. For the moment inventory levels are actually pulling back slightly. The month of June started out with 262 homes.
Sales activity for June 2008 vs June 2007
|
Pleasanton |
Active |
June Pending 08‘ |
June Pending 07‘ |
Difference |
| Single family homes |
253 |
41 |
69 |
-28 (-41%) |
Sales activity for Jan-June 2008 vs. Jan-June 2007
|
Pleasanton |
SOLD 1st 6mos 2008 |
SOLD 1st 6mos 2007 |
Difference |
| Single family homes |
259 |
409 |
-150 (-37%) |
As you can see, the number of sales is down dramatically from the same period of one year ago. This is at least partly due to the difficulty associated with obtaining financing.
TOWNHOMES & CONDOMINIUMS: Inventory levels are fairly flat from one year ago. There are currently 69 townhomes and condominiums available for sale. This is down slightly from one year ago (72).
|
Pleasanton |
Active |
June Pending 08‘ |
June Pending 07‘ |
Difference |
| Townhomes/Condos |
69 |
9 |
9 |
0 |
At the current pace of sales Pleasanton presently has an unsold inventory index of 8 months. This is a number used to measure the strength of sales activity in a market place. The bright spot for this category is that inventory levels have remained very flat since one year ago. This is very significant since other communities are seeing a dramatic increase in inventory.
|
Pleasanton |
SOLD 1st 6mos 2008 |
SOLD 1st 6mos 2007 |
Difference |
|
| Townhomes/Condos |
56 |
83 |
-27 (-33%) |
|
SUMMARY
Although the number of sales compared to the same period a year ago is down significantly, the pace of current sales activity is fairly stable relative to inventory levels. At the current rate of sales, June should end with approximately 50 sales for single family homes.
At the current level of inventory of 250, that represents about five months worth of inventory. The next two months should give us an idea of what direction the market is headed. There are many potential buyers going through open houses and many of my Realtor colleagues are busy writing offers. Financing restrictions are loosening up a bit although rates have bumped up recently.
