Pleasanton Market Update August 2010 – Humming Along

The snapshot of the Pleasanton real estate market at the end of August looks nearly identical to the end of July. Inventory, pending sales and the mix of homes was largely unchanged from July to August. I think that’s a good sign, given the high level of sales we had in April and May, followed by a sharp decline in June and a nice rebound in July. Demand remained strong and inventory levels are certainly not too high.

Overall, there were 209 single family homes for sale in Pleasanton at the end of August, down only two from July’s 213. Pending sales increased by one to 64. At the end of August there were 3.3 months of inventory on the market relative to pending sales, virtually unchanged from 3.4 months at the end of July.

All Pleasanton Single Family Homes
Inventory Vs Pending Sales August 2010

Single family homes priced below $1 million continued to constitute the largest segment of the market in Pleasanton. 61% of the inventory and 76% of pending sales were in this price range. 49 sales were pending in this segment at the end of August, compared to 48 at the end of July. There were 128 homes priced below $1 million for sale at the end of August, versus 130 at the end of July. That represented 2.6 months of inventory relative to pending sales at the end of August, compared to 2.7 months at the end of July.

Pleasanton Single Family Homes Under $1 Million
Inventory Vs Pending Sales August 2010

Not much changed in the $1 million - $2 million segment. There were 14 sales pending at the end of August, compared to 12 at the end of July. Inventory stood at 58 homes, versus 60 at the end of July. Inventory relative to pending sales decreased from five months at the end of July to four months at the end of August. This segment accounted for 28% of the inventory and 22% of pending sales at the end of August. At the end of July, the mix was 28% and 19%, respectively.

Pleasanton Single Family Homes $1 Million - $2 Million
Inventory Vs Pending Sales August 2010

Homes priced over $2 million are the smallest market segment in Pleasanton, accounting for 11% of the inventory but less than 2% of pending sales at the end of August. Inventory in this price range stood at 23 homes for the fourth consecutive month. Pending sales continued the trend we have seen over the past several months of having three or four sales pending one month and only one sale pending the next. August had one.

Pleasanton Single Family Homes Over $2 Million
Inventory Vs Pending Sales August 2010

The Pleasanton market place is continuing to show strength as we wrap up summer. It will be interesting to see if the market can remain strong in the face of a still-lagging economy as we head into autumn.