How many homes are currently on the market?
As of 2/29/08, there were 189 single family homes were for sale in Pleasanton. This compares to 130 homes for sale as of 2/28/07 and represents a 45% decrease from a year ago.
Commentary: Although this is a significant increase, it is important to keep the numbers in perspective. 189 Pleasanton homes for sale represents about 1% of the 17,107owner-ccupied Pleasanton homes. The City of Brentwood by comparison has approximately 498 homes currently for sale. Antioch has approximately 1058 single family homes on the market.
Are home sales increasing or decreasing?
During the month of February 2008, 40 homes went pending in Pleasanton. This represents the number of homes for sale that entered into contract. During the month of February 2007, 70 homes 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 4.7 months (189 divided by 40). In other words, at our current rate of sales it would take about 4 and a half 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.
What’s Roy’s perspective on the market?
Overall the Pleasanton real estate market continues to show strong resilience and remains relatively stable as compared to much of Alameda and Contra Costa counties. Although available inventory is up from a year ago and sales are down, 40 sales during the month of February represents lass than 5 months of inventory for the Pleasanton resale residential real estate market. By comparison Livermore, Hayward, and Oakland all have a 10 month supply of inventory on hand. Dublin has an 11 month supply.
