July 2008
How many homes are currently on the market in Pleasanton?
Inventory levels are up for single family homes from this time last year. There are currently 283 single family homes for sale in Pleasanton. This is up 32% (214) from one year ago. Inventory levels have more than doubled compared to the beginning of 2008 which began with 135 homes for sale.
Are home sales increasing or decreasing?
Sales activity in July is on par with last month. This month, 40 homes have been reported pending, as compared to 42 homes in June. In July 2007, 55 homes were pending. This represents a 20% decrease from this same period a year ago.
What’s happening with townhomes and condominiums?
There are currently 57 units for sale compared to 80 units at this time last year. Sales activity is comparable to last year. There are 12 units pending this month. 11 units sold in July 2007. The median sales price for townhomes/condominiums for June 2008 was $460,00, compared to a median price of $582,500 in June 2007. This represents a 21% decrease.
What’s Roy’s perspective on the market?
Inventory levels are up and sales activity is down. However, the median sales prices for single family homes in Pleasanton is holding steady, with only a 3.5% decrease from this same period last year. In June 2008, the median home price was $830,000. In June 2007, the median home price was $859,000. At the current selling pace, Pleasanton has 5 months of inventory on the market. The average number of days on the market for June 2008 was 60, down slightly from year to date days on market of 70. Sales Price vs. List Price for the month of June was at 95.54%. These numbers have significant relevance when compared to other local markets. Hayward, for example, had 767 homes on the market at the end of June, a seven month supply of inventory. The median home sales price for this area was at $329,900 with a year to date days on market average of 100 days. Livermore averages about 89 days on the market with an median home price of $529,000. At the end of June, there were 351 homes on the market in this area.
In real estate, it’s important to look closely at our local markets to truly gauge what is happening. Pleasanton is holding steady compared with other nearby communities that have significantly more inventory, longer days on market, and lower median home prices.
