Presented by Doug Buenz and the 680 Homes Group, top Pleasanton, CA Realtor, Tri-Valley, CA Realtor, Bay Area Broker Real Estate Agent. Discussing Pleasanton, CA homes for sale, sold homes in Pleasanton and general conditions of the Pleasanton, CA real estate market.
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This is the Pleasanton Market Minute for August 2019 with Doug Buenz with the 680 Doug Buenz Group at Compass.
Here is an overview of the Pleasanton Real Estate Market. We are in the summer snooze pattern. A lot of people are on vacation. People are distracted. The market is relatively flat in most of the metrics. Inventory is up slightly. Demand reflected in pending sales is up slightly, but the days on market are elongating. The market is generally moving at a slower pace.
Let's take a deeper dive.
Inventory is up slightly. There were 114 detached homes for sale in Pleasanton at the end of July. That compares to 112 at the end of June and 81 in July of last year. Inventory is a little higher than it was last year.
Pending sales are generally fairly flat. They were up slightly, 61 pending sales in July in Pleasanton versus 57 in June versus 62 last year. Pending sales are flat.
Supply of inventory was down for July. There was 1.9 months of inventory on the market. That means if we get no new listings, it would take 1.9 months to sell what is available right now. That is down from two months last month. In July of 2018, it was 1.3 months. A little more inventory than last year.
Median sales price is up, $1,258,000 versus $1,228,000 in June. How can that be? Well, the median price just measures the median point between all of the sales for that month. It is not uncommon to see the median sales price rise if there are a few more higher end properties in the mix. Conversely, it is not unusual to see it drop if there is more low-end activity.
Average price per square foot for sold properties is down. $551 per square foot on average for the sales in July. That is down from $563 in June 2019 and down slightly from $557 a year ago July. Prices are generally pretty flat.
Average days on market for sold properties is up: 27 in July. The homes that sold in July were on the market for an average of 27 days. That is compared to 25 days in June and 18 days a year ago. This is another metric that shows that the market is not quite as hot as it was last year.
Average days on market for active listings is 59. Compare 59 days in the market for active listings to 27 for sold properties. You can see how the market starts to separate. The more attractive properties sell faster. The least attractive properties take longer to sell if they sell at all. That metric certainly points that out.
Percent of active listings with price reductions is 40%. The active listings at the end of July had price reductions 40% of the time. Pretty much in step with what we have been seeing.
Sales price to list price ratio is flat, 98% on average for homes in July. Sellers on average got 98% of their asking price in July and June 2019. That is down from 100% a year ago. Another indication that last year was a stronger market.
Percent of properties sold over asking price in July was 37%. There are still multiple offers going on. As a seller, if you price your properties attractively and position it as an extreme value in the market; it will sell and probably sell over asking price.
Percent of properties that sold with price reductions was 34%. In July, the seller had to lower their price to get the property sold 34% of the time.
That is the Market Minute for July. As always, if you know someone who could use our services, please give us a call at 925-621-0680, or visit us at 680homes.com. Thanks for watching.
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