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The real estate market in Pleasanton picked up more steam in March, with both inventory and pending sales of single family homes increasing for the fourth straight month. Gains were seen in all market segments but homes priced between $1 million and $2 million saw the strongest increases. Pending sales rose faster than inventory in March, resulting in a tighter market.
Overall, inventory increased by 16 homes in March to 135, a 13.4% increase over February. While less than February’s 17% gain, that’s more a reflection of strong sales than a slowing in new listings. Pending sales increased by 24 in March to 75, a 47% gain. There is now 1.8 months of inventory in Pleasanton relative to pending sales, down from 2.3 months in February. March’s 75 pending sales are the most in Pleasanton since July of last year (76). We’d have to go back to 2006 to see more pending sales than 76.
All Pleasanton Single Family Homes
Inventory Vs Pending Sales Mar 2010
The inventory of homes priced under $1 million increased by eight to 69, a 13% increase over February. This price range accounts for 51% of Pleasanton’s inventory of single family homes, unchanged from last month. However, 74% of Pleasanton’s pending sales were in this segment. Pending sales increased 11 to 55, a 25% increase over February. There is now 1.25 months of inventory relative to pending sales in this segment, compared to 1.4 months in February.
Pleasanton Single Family Homes Under $1 Million
Inventory Vs Pending Sales Mar 2010
Homes priced between $1 million and $2 million was where the biggest gains were in Pleasanton during March. Pending sales were up 16 units to 21, a 320% increase over February’s five pending sales. Inventory also increased but not as dramatically. There were 44 homes for sale in this price range in March, an increase of six homes or nearly 16%. Inventory relative to pending sales fell to 2.75 months in March, compared to 7.6 months in February. Homes in this price range accounted for 35% of the inventory and 21% of pending sales in Pleasanton during March.
Pleasanton Single Family Homes $1 Million - $2 Million
Inventory Vs Pending Sales Mar 2010
The market for homes priced over $2 million also picked up in March. Inventory grew by two (10%) to 22 homes, while pending sales increased by three homes to five, a 150% increase over February. There is now 4.4 months of inventory in this segment relative to pending sales, compared to 10 months in February. This segment accounted for only 3.7% of pending sales in Pleasanton during March and 16% of inventory.
Pleasanton Single Family Homes $1 Million - $2 Million
Inventory Vs Pending Sales Mar 2010
Rates remain low, the stock market is up, and in general buyers are feeling more confident. This should help fuel the housing market through the Spring. It will be interesting what effect the expiration of the Federal tax credits for home buyers will have, along with the discontinuation of the Treasury’s purchase of mortgage backed securities. As always, it will be interesting…
Pleasanton Market Update March 2010 - Heating Up