Pleasanton Market Update – More of the Same

The Pleasaton real estate market in June was not markedly different from June. Sales activity was generally in line with recent months, but up slightly. There were 67 pending sales in June, compared with 61 for the month of May. Inventory was up slightly, with 195 homes on the market at the end of June, up slightly from 191 homes at the end of May. Overall, market conditions continued to be steady but sluggish, with some price brackets and neighborhoods seeing very slow activity, and others faring better (click on graph to enlarge)

The under $1 million market in Pleasanton was almost unchanged in June as compared with May. Inventory ended the month at 91 homes on the market, up from 89 at the end of May. Pending sales were identical at 45. (click on graph to enlarge)

The mid-range market in Pleasanton ($1 million to $2 million) showed steady inventory, with 63 homes on the market at the end of June, which is unchanged from the end of May. Pending sales increased from 12 at the end of May to 17 at the end of June. Several price reductions in this price range helped to spur an increase in sales. (click on graph to enlarge)

The luxury segment (over $2 million) continued to struggle, with inventory up from 39 at the end of May to 41 at the end of June. Pending sales increased slightly from 4 at the end of May to 5 at the end of June. (click on the graph to enlarge)

Overall, the market remains mostly sluggish. Prime properties in excellent locations with strong amenities such as location, view, upgrades, and appeal will still fare well as long as the price is attractive. Homes with location difficulties, lacking upgrades and appeal, or priced too high will find current market conditions to be tough sledding, as demanding buyers are looking for value, and are content to wait until the right house comes on the market. Inventory will continue to be an important factor… strong increases in inventory will put more downward pressure on prices in Pleasanton. So far, inventory has remained relatively stable, and below the levels of last year.

[tags]Pleasanton real estate market, Pleasanton market update, Pleasanton market trends[/tags]