Pleasanton Market Update September 2011 – Market In Good Shape

Pending sales and inventory both fell in Pleasanton during September, the first time this year that both indices dropped.  Not to worry, though, as neither dropped dramatically nor to levels that would indicate weakness in the market.  In fact, pending sales were higher than they were in September of 2010, while inventory was lower.  Homes priced under $2 million lead the way in lower sales and inventory.

Overall, there were 55 pending sales of single family detached homes during September, down 15% from the 65 sales in August but higher than the 43 pending sales during September 2010.  Inventory fell 6%, from 202 at the end of August to 189 at the end of September.  By comparison, there were 218 homes on the market at the end of September 2010.  So after tightening up a bit last month, the market eased a little this month.  There was 3.4 months worth of inventory available at the end of September, compared to 3.1 months at the end of August.

Pleasanton Single Family Homes
Inventory Vs Pending Sales September 2011

Pending sales of homes priced under $1 million fell nearly 8% during September to 48, from 52 during August.  Inventory fell 10%, from 137 at the end of August to 123 at the end of September, a loss of 14 homes.  Inventory relative to pending sales stayed the same at 2.6 months.  Homes priced under $1 million made up 87% of pending sales during September, compared to 80% in August.  That is primarily due to the sharper decline in sales of homes priced between $1 million and $2 million (see below).  This segment accounted for 65% of Pleasanton’s inventory at the end of September, down some from 68% at the end of August.

Pleasanton Single Family Homes Under $1 Million
Inventory Vs Pending Sales September 2011

There was a big drop in pending sales during September of homes priced between $1 million and $2 million.  There were five such sales during September, down 58% from the 12 recorded during August.  Inventory in this segment was up slightly at 50 homes, from 48 at the end of August.  Due to the big drop in pending sales, inventory relative to pending sales jumped to 10 months at the end of September from 4 months at the end of August.  9% of Pleasanton’s pending sales were in this segment during September, compared to 18% during August.  This price range made up 26% of Pleasanton’s inventory at the end of September up slightly from 24% at the end of August.

Pleasanton Single Family Homes $1 Million - $2 Million
Inventory Vs Pending Sales September 2011

Pending sales and inventory of homes priced over $2 million were little changed during September.  There were 16 homes on the market in this price range at the end of September, compared to 17 at the end of August.  There were two pending sales during September up one from August.  This segment accounted for 9% of Pleasanton’s inventory and 4% of pending sales during September.

Pleasanton Single Family Homes Over $2 Million
Inventory Vs Pending Sales September 2011

It was a pretty normal September in Pleasanton, with both inventory and pending sales dropping some, but not too much.  Sales were stronger than a year ago and inventory is somewhat lower, so the market is in a good position.