Walnut Hills & Canyon Oaks Pleasanton Market Update August 2010

Perhaps driven by the federal tax credit for home buyers, the Walnut Hills/Canyon Oaks neighborhood of Pleasanton saw a significant increase in sales activity in the months of March through June. Six sales closed during those four months, compared to six total closed sales during all of 2009. Short sales impacted the market considerably, selling quickly and above the asking price. Three additional homes are pending sale and there are two active listings.

The two active listings have been on the market for 54 days on average, at an average asking price of $924,500 or $326 per square foot. Neither of the active listing is distressed (short sale or REO).

There are three pending sales, with an average list price of $921,000 or $317 per square foot. These homes have been on the market for an average of 41 days. The home on Stonecliff Vista Lane is a short sale. The others are not distressed.

The six sales that closed during the past six months were listed for on 10 days on average. Four of these properties were short sales. Three of the short sales sold above their asking price in only 7 days on average. All the closed sales were on the market for an average of only 10 days. They sold for an average price of $888,283 or $308 per square foot, which was 105% of the asking price.

These two neighborhoods are located in the Bernal Property. Walnut Hills is located off Bernal Ave & Valley Ave across from the fairgrounds. Built in 2002 & 2003, these single family detached homes feature detached garages. The homes range from 2300 to almost 3000 sq ft, with possible in-law units above the detached garage up to an additional 800 sq ft.

Canyon Oaks is located on the Eastern edge of the Bernal Property near Hearst Elementary School. Canyon Oaks was built in 2003 & 2004, and features detached single family homes from 2400 to 3400 sq ft, with 2 and 3 car garages (some detached). Both neighborhoods are close to the Marilyn Murphy Kane Trail and Bernal Community Park, and offer great views of Pleasanton Ridge.