Castlewood Pleasanton Market Update August 2011

The Castlewood neighborhood of Pleasanton got somewhat busy starting in April, after more than seven months of inactivity. There have been four closed sales since March, with another three sales pending. There are also five properties actively listed. Of course, this neighborhood showed a similar pattern last year, when there were seven sales in the first seven months of the year, followed by seven months with no sales. We’ll see where the market goes from here.

The five active listings carry an average asking price of $1,408,000 or $357 per square foot. They have been on the market for an average of 106 days. None of these homes are distressed (short sale or REO).

The average list price for the three pending sales is $1,524,946 or $324 per square foot. They have been available for 176 days on average. The $1.4 million home on Castlewood Drive is an REO.

The four closed sales had an average sales price of $1,199,375 or $388 per square foot. That was about 93% of the asking price, which is lower than what we typically see in the Tri-Valley (95%+). The properties were on the market for an average of 96 days. 520 Bunker Lane was REO.

Nestled around the Castlewood Country Club, amongst the trees on Pleasanton Ridge, this highly desirable neighborhood contains a mixture of newer and older single family homes. Castlewood is located very close to excellent schools and with easy access to the 680 freeway and scenic Downtown Pleasanton.