Pleasanton December Market Update

The Pleasanton CA real estate market behaved as expected in December, with both inventory and sales declining. Many sellers took their homes off the market in December, and sales slowed as the holdiay season hit full swing. This is typical of a December market, and this year was no different. Overall, the inventory of available homes in Pleasanton dropped to 136 single family homes at the end of December, down from 176 at the end of November. It is identical to the inventory on the market at the end of December 2006. Pending sales were also down, with 23 pending sales in December, as compared to 31 in November. For comparison, there were 34 pending sales in December 2006. (Click on the graph to enlarge).

In the Under $1 million market segment, inventory ended December at 67 homes, down from 95 at the end of November. There were 17 pending sales in this price bracket, up slightly from 15 in November. (click graph to enlarge).

In the $1 million to $2 million market segment, there were 43 homes on the market at the end of December, down from 51 at the end of November. Pending sales were down, with 5 pending sales in December, compared to 12 pending sales in November. (click graph to enlarge).

In the luxury segment (over $2 million), inventory of available homes was down slightly in December with 26 listings at the end of the month, down from 30 at the end of November. Pending sales were very quiet, with 1 pending sale in December, down from 4 in November and 9 in October. (click graph to enlarge).

Overall, as we enter the new year, inventory will be a key factor. Expect to see a steady climb in inventory as we get into the Spring market. This is a normal pattern for this time of year. We are seeing buyers start to realize that there are some tremendous opportunities in the market right now, and it is a great time to take advantage of these opportunities. Certainly, it is anticipated that activity levels will pick up as we head for the Spring.