Ruby Hill Pleasanton Market Update August 2010

The Ruby Hill real estate market heated up over the past six months, particularly in what is the “lower end” for Ruby Hill, homes priced below $2 million. 34 sales closed during the past six months, with 24 of them being priced below $2 million. Nine homes are pending sale. There are 21 active listings, down four from the 25 that were available three months ago.

Active listings are skewed toward the high end, with 12 of them priced over $2 million. On average, the active listings have been on the market for 145 days. 12 homes have been listed for over 90 days and seven of those are priced over $2 million. The average price of all active listings is $2,973,426 or $408 per square foot. The asking price per square foot is significantly higher than what we are seeing in this neighborhood on sold and pending properties (see below). The only distressed (short sale or REO) active listing is the E Ruby Hill home priced at $3,450,000. There is just over two months of inventory relative to pending sales.

Here is a table of all active listings and pending sales in Ruby Hill.

The nine pending sales are listed for an average price of $1,910,778 or $345 per square foot. These homes have been listed for an average of 163 days. Five of them have been on the market for over 100 days. Six of these properties are distressed sales.

The 34 closed sales sold for an average price of $1,643,565, well below the average asking price for pending sales and active listings. That equates to $339 per square foot and 95% of the asking price, which is up from the approximately 92% we were seeing in Ruby Hill several months ago. On average, these homes were listed for 58 days, compared to the 115 days that we saw in the prior analysis for this blog just three months ago.

Here is a table of the closed sales in the past six months.

A private gated community on the eastern flank of Pleasanton, this luxury golf course development features exceptional homes and estates surrounded by the rolling hills and vineyards of the Livermore Valley. There are semi-custom homes and over 500 custom homes within Ruby Hills. Many have golf course views. The homes feature some of the finest builders in Northern California, and boast a wide range of amenities and design elements. From Formal Italian to Country French to Craftsman, you will find every style and concept reflected in exquisite homes and estates.