After staying flat last month, the inventory of single family detached homes in Pleasanton fell again in September. Homes priced under $1 million led the decline. Pended sales, surprisingly, were unchanged from August, ending a five month skid. Pended sales were ten units higher than a year ago, while inventory was 135 units lower. I don’t think inventory can go much lower, but I have felt that way for the past several months. Something has to give and the fact that closed sales fell 60% from August may be an indication that sales could suffer.
Overall, there were 60 homes for sale at the end of September, down about 10% from 72 at the end of August. 60 sales pended during the month, unchanged from August. There was 1.1 months of inventory relative to pended sales at the end of September, down from 1.2 months at the end of August.
Pleasanton Single Family Homes
Inventory Vs Pended Sales September 2012
The inventory of homes priced below $1 million fell 11% during September, from 37 at the end of August to 33 at the end of September. 47 sales pended in this segment during September down one from August. Inventory relative to pended sales fell from .8 months at the end of August to .7 months at the end of September. This price range accounted for 51% of Pleasanton’s inventory and 80% of pended sales for September, about the same as August.
Pleasanton Single Family Homes
Under $1 Million Inventory Vs Pended Sales September 2012
Pended sales of homes priced between $1 million and $2 million increased two units to 12 during September. Inventory fell one unit to 18 at the end of the month. That left 1.5 months of inventory in this segment at the end of September, down from 1.9 months at the end of August. 26% of Pleasanton’s inventory was in this price range, along with 17% of pended sales.
Pleasanton Single Family Homes
$1 Million – $2 Million Inventory Vs Pended Sales September 2012
Homes priced over $2 million saw both inventory and pended sales fall in September. There were 14 homes for sale in this segment at the end of September, compared to 16 at the end of August. One sale pended during September, down from two during August. 22% of Pleasanton’s inventory and 3% of pended sales were in this price range.
Pleasanton Single Family Homes
Over $2 Million Inventory Vs Pended Sales September 2012
We have watched all year as inventory plummeted and sales remained strong. How long can this go on? I don’t think much longer and the decline in closed sales in September may be an indication that sales will suffer here. To date, median prices have not risen but that could change if the market remains this tight.
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