Pleasanton Market Update for April 2009
The month of April showed a strong improvement in the number of homes that went under contract. 64 single family homes went under contract in April- a significant increase over the average of 33 homes going under contract in each of the 1st three months of 2009.
How many homes were for sale in Pleasanton during the month of April?
April 2009 showed a 6% increase in the number of homes on the market as compared with April 2008.
There were 354 homes (248 single family homes) for sale last month as compared to 333 homes in April of last year.
Of these how many were new listings for the month?
115 homes were new to the market in April of this year as compared to 118 new listings in April 2008, representing a 3% decrease in number of new listings from this same time last year.
How many homes went under contract in the month of April?
The sales pace in April picked up considerably compared to previous months this year. 64 homes went pending last month compared to 66 pendings in April 2008. This represents a 6% decrease in sales for the same month last year.
At the current pace of sales, what is the month’s supply of inventory?
At the current pace of sales, Pleasanton has approximately 3.9 months of inventory on the market (otherwise referred to as the unsold inventory index). In April 2008, there was 3.5 months of inventory on the market.
The 3.9 months is a statistic calculated by the number of homes available for sale at the end of April divided by the total number of sales in the month of April. 248 divided by 64 sales =3.9 months.
Pleasanton’s unsold inventory index is down substantially from as recently as February of this year when the unsold inventory index stood at nearly 10 months. Many experts believe that anything under 6 months is considered a sellers’ market.
In what price range are homes selling?
80% of the sales activity is happening in the under $1 million dollar price range where the unsold inventory index is under 2.5 months. In contrast, homes over $1 million dollars are showing a much greater supply of inventory with the highest being 20 months for homes in excess of $2 million. This is due in part to the difficulty of obtaining financing for loan amounts in excess of $729,000.
