Loading ...The “Dalmation” market was still the operative word to describe the Pleasanton CA real estate market in April. The market remained strong in spots, while other areas/price brackets were slow. Overall, inventory of single family homes surged in April, with inventory ending the month at 170 homes available. This is up from 157 at the end of March. Sales remained steady, with 60 pending sales in April, up from 54 in March (click on graph to enlarge)
The lower end of the market (Under $1 million) showed the most strength, with inventory rising only slightly from 72 available single family homes at the end of March, to 73 at the end of April in Pleasanton. Pending sales, on the otherhand, jumped to 44 for the month of April, the highest total since June of 2006. (Click on graph to enlarge)
The midrange in Pleasanton ($1 million to $2 million) was soft in April. Inventory of available homes in this range ended the month at 60 homes, up from 49 at the end of March, and the highest level in well over 3 years. There were 12 pending sales in April, down from 18 in March. Not bad activity, but not enough to burn through the increase in inventory. Once hot neighborhoods, such as Laguna Oaks and Bridle Creek, were seeing slow activity and price reductions, an almost unheard situation in the last 5 years. (Click on the graph to enlarge)
The luxury segment of the Pleasanton market (Over $2 million) was relatively stable, with inventory ending the month of April at 37 homes, up slightly from 36 at the end of March. There were 4 pending sales in April, up from 1 in March. A respectable showing, but off the high of 9 pending sales in February in this price bracket. (Click on the graph to enlarge).
So where do we go from here? Inventory is the key. If inventory remains low, it will help balance out the market. But large increases in inventory as we enter the summer will impact the market time, and ultimate selling price, of homes on the market, as buyers start to sense that they have the luxury of being able to choose from several homes, and the pace of the market slows. The condo market is a source for concern, both because of the subprime mortgage problems which is impacting buyers ability to qualify, and the flood of new condos coming on the market, espcially in Dublin. Look for continued softness in that segment.
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Pleasanton April Market Trends