How many homes are on the market in Pleasanton?
As of 10/31/08, there were 249 single family homes available for sale in Pleasanton. The inventory levels have been increasing steadily through July of this year and appear to have leveled off since then as you can see from the table below.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct |
| 164 | 189 | 208 | 225 | 255 | 256 | 283 | 261 | 252 | 249 |
How many homes have sold in Pleasanton in 2008?
Although the year started out slow with 105 sales in the 1st quarter, the 2nd quarter and 3rd quarter saw significant improvement with 170 sales and 154 sales respectively. September ended with 58 sales. With the available inventory at the end of September equaling 252, we stood at 4.96 months of inventory, a very good number in this market environment.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep |
Oct |
| 25 | 43 | 37 | 65 | 55 | 50 | 44 | 52 | 58 |
28 |
How many homes have sold recently in Pleasanton?
October sales have dropped significantly. As of this writing, there were 28 homes reported as “PENDING” in Pleasanton during the month of October. That is greater than a 50% decrease from the monthly average of 54 sales over the 2nd and 3rd quarters of 2008.
Where is the Pleasanton real estate market headed right now?
It would appear that the slowdown in Pleasanton home sales activity is a direct result of the stock market correction that occurred at the beginning of the month. There were only slight decreases in sales activity during the month of October 2006 and October 2007.
As I speak to fellow Realtors it seems as though fear of a pending recession has caused many prospective buyers to postpone their home purchase decisions. There is a general sense that the buying activity will increase once the buyers’ confidence is restored. Many buyers have recognized that this housing correction has created a buyers’ market of historic proportion.
First time buyers are back in the market with affordable homes back in reach. Investors are back in the market with demand for rentals at all time highs. Move up buyers are back in the market recognizing that the loss of equity in their current homes will easily wash out with the purchase of a replacement property.
Have we hit bottom and when will prices go back up?
It’s a reasonable question that unfortunately no one can answer. One indicator that is useful to measure the stability of our market is the percentage of homes for sale and homes sold that are short sale or REO properties. Short sale properties involve sellers where their mortgages exceed the value of their home. REO properties are homes that have been repossessed by the lender through the foreclosure process.
| FOR SALE |
# of Homes |
# of REO’s |
% of REO’s |
# short sale |
% short sale |
% of REO & SS |
| Pleasanton |
247 |
9 |
3.64% |
22 |
8.91% |
12.55% |
| Danville |
197 |
11 |
5.58% |
15 |
7.61% |
13.20% |
| San Ramon |
210 |
23 |
10.95% |
48 |
22.86% |
33.81% |
| Dublin |
110 |
18 |
16.36% |
28 |
25.45% |
41.82% |
| Livermore |
346 |
63 |
18.21% |
89 |
25.72% |
43.93% |
| Hayward |
708 |
223 |
31.50% |
336 |
47.46% |
78.95% |
This table was prepared on 10/24/2008. As you can see Pleasanton has the smallest percentage of distress properties on the market. At least for now this should help us keep our home prices relatively stable compared to some of our neighboring markets.
