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The inventory of single family homes for sale in continued to decline in November for the seventh straight month. There were 120 existing single family homes for sale at the end of November, down from 133 in October and 243 in April of this year, which was the high for 2009. There is approximately three months of inventory in Pleasanton. The market for higher priced homes (over $1 million) is seeing the biggest declines in inventory.
The inventory pinch is beginning to affect sales, as pending sales at the end of November fell for the fifth straight month. Sales of single family homes still remained relatively strong, with 49 pending sales, down from October’s 51. The high for the year was 76 pending sales, set in July. Here is a graph of the inventory and pending sales activity for the past 15 months.
All Pleasanton Single Family Homes
Inventory Vs Pending Sales Nov 2009
The market for single family homes under $1 million held steady in November, with 61 homes for sale, equaling October’s inventory. This is less than half the inventory level of 128 homes in February this year. There is approximately 2 months of inventory in this price range. Pending sales in this segment fell for the fourth straight month to 37, from October’s 40.
Pleasanton Single Family Homes Under $1 Million
Inventory Vs Pending Sales Nov 2009
Inventory of single family homes priced between $1 million and $2 million saw inventory decline nearly 18%, from 45 homes in October to 37 in November. That still represents approximately 4.5 months of inventory for this price range. Pending sales decreased by two homes to eight at the end of November.
Pleasanton $1 Million - $2 Million
Inventory Vs Pending Sales Nov 2009
In the over $2 million segment of Pleasanton, inventory also fell significantly to 22 single family homes in October, down more than 18% from October’s 27 homes. However, the inventory for this segment is over seven months. Pending sales increased to four, up from October’s zero. That is the second highest pending sales number for this segment this year. Only August’s five was higher.
Pleasanton Over $2 Million
Inventory Vs Pending Sales Nov 09
Overall for Pleasanton, homes under $1 million constituted 76 percent of pending sales in October but only 51% of available inventory. Inventory remained constant for homes priced under $1 million but fell significantly for higher priced homes. Sales continued to fall, as declining inventory began to take a toll. However, sales did remain relatively strong across market segments, even with the declining inventory. It is unlikely that the trend of low inventory will change much until we head towards the Spring. The continuation and expansion of the first time buyer tax credit and low interest rates should keep sales activity strong as we head into the New Year.
Pleasanton Market Update Nov 09 - Inventory Still Shrinking