Ruby Hill Pleasanton Market Update Jan 2010

The Ruby Hill real estate market has seen steady activity in the past 6 months, along with declining inventory in the last couple of months. With 23 active listings, we are at a low point in inventory. Still, it represents approximately 9 months of inventory, which is lower than it has been (often last year we saw 18 - 24 months of inventory on the market). Activity in Ruby Hill remained fairly constant throughout 2009. Fifteen homes sold in the past six months and another nine are pending sale. That compares to seventeen homes sold during the first half of the year.

The 23 active listings have an average asking price of $2,973,843 or $422 per square foot. All are custom homes, except for the single story on Gravina Place ($995,000) which is in the Ascona neighborhood. The average price per square foot on the active listings is significantly higher than that on the sold properties ($358 – see below). On average, they have been on the market for 146 days, ranging from zero to 334 days. Only one of the properties is bank-owned, the $2.1 million home on Via Di Salerno, which has approx 5700 sq ft on the golf course ($368 per sq ft). None of the properties are short sales. Here is a table of the active listings.

There are nine homes pending sale at an average asking price of $2,014,333 or $351 per square foot. All are custom homes, except for Romano Circle in the Ascona neighborhood. On average, they have been on the market for 97 days. Interestingly, six of the nine properties are distressed (either REO or short sale). Many of those distressed sales had multiple offers once the sellers priced the homes aggressively. For example, the short sale on Via Di Salerno (6700 sq ft, asking $1.9 million) was listed at $2,795,000 ($417 per sq ft) for 30 days, then reduced to $2,695,000 for an additional 90 days with no sale. The seller then reduced the price to $1,900,000 ($283 per sq ft), and received several offers immediately. The short sale on Sannita Ct (5979 sq ft listed at $1,650,000) came on the market at a very aggressive price ($275 per sq ft), and not surprisingly had multiple offers right away. Overall, it is the distressed sales that have attracted the attention of buyers in Ruby Hill recently, usually due to their aggressive pricing.

Their were seventeen closed sales in the past six months at an average price of $1,727,575 or $358 per square foot. On average, they sold for 91.4% of the asking price. They were listed for an average of 143 days. Only two of the homes were distressed (the last two listed on the table below). All were custom homes except for 3 in the Premia neighborhood (Rosso Ct & Trebbiano Pl) and 2 in the Ascona neighborhood (on Romano Circle). The closed sale on Ovella Way is in The Villas, a high end duette home.

Overally, like much of the market in the Tri-Valley region, the market in Ruby Hill is strongest in the lower price ranges, and the market gets softer as the price level goes up. Still, there are buyers out there, and they have demonstrated that when a home is a strong value they will act. No doubt we will see more inventory as we enter the Spring. The only question will be whether their is enough demand to absorb most of the inventory. Only time will tell…

Ruby Hill is a private gated community on the Eastern edge of Pleasanton, this luxury golf course development features exceptional homes and estates surrounded by the rolling hills and vineyards of the Livermore Valley.