How many homes are currently on the market?
- 164 (1/31/08) single family homes for sale in Pleasanton
- 130 (1/31/07) homes for sale
- -26% (decrease from one year ago)
Commentary: Although this is a significant increase it is important to keep the numbers in perspective. 164Pleasanton homes for sale represents less than 1% of the 17,107owner-occupied Pleasanton homes. The City of Brentwood by comparison has approximately 543 homes currently for sale out of 6075 owner-occupied single family homes. This represents nearly 9% of their housing stock.
Are home sales increasing or decreasing?
During the month of January 2008, 25 homes went “pending” in Pleasanton. This represents the number of homes for sale that entered into contract. During the month of January 2007, 58homes went “pending” in Pleasanton. This represents a decrease of 43% from one year ago.
Commentary:Although this is a significant decrease it is important to keep the numbers in perspective. One unit of measure that helps us understand the stability of our local housing market is the unsold inventory index. This index is calculated by dividing the number of current “pendings” for a given month into the number of homes currently for sale. Using that formula the current unsold inventory index for Pleasanton is 6.56 months (164 divided by 25). In other words, at our current rate of “pendings” it would take 6.5 months to sell through our current inventory of homes for sale. Although this number is significantly higher than one year ago, it is still relatively stable compared to some other communities.
Are home values increasing or decreasing?
The median sales price for a single family home in Pleasanton as of 12/31/2007 was $835,000. This represents an approximately 2% decrease versus the median price of $850,000 from one year ago.
Commentary:Overall the median price for Pleasanton is holding up fairly well. I believe that prices will stay fairly stable in our community. Although the number of sales are down, the fact that our inventory is relatively low will keep prices from falling compared to some other cities. This could certainly change if inventory continues to rise. Only time will tell but we are not seeing any indication of dramatically rising inventory levels thus far.
Distress sales could potentially have an impact on home values. For Pleasanton, there are presently 81 owner occupied homes going through the foreclosure process. This compares to 161 for Dublin, 345for Livermore, 748for Brentwood and 1844for Antioch. This does not include “short sale” situations where the homeowner’s loan amounts exceed the total value of their home.
