Loading ...The Pleasanton CA real estate market showed a slight increase in inventory at the end of July, as well as a moderate decline in sales. However, these statistics did not reflect the impact of the turbulance in the mortgage markets, and the subsequent impact on the real estate market. Local real estate professionals, along with buyers and sellers, are holding their breath hoping that the troubles in the mortgage market will not have a dramatic impact on the Pleasanton market.
Overall, the available inventory of single family homes ended July at 206, up slightly from 195 the end of June. Pending sales decreased from 67 at the end of July to 54 at the end of August. Fortunately, we have not seen the upward creep of inventory this summer like we experienced in 2006, which has helped keep the market somewhat stable. Sales activity has been mostly stable in the recent future. (click on the graph to enlarge)
The low end of the Pleasanton market (single family homes under $1 million) showed a spike in inventory and a decline in sales. Available inventory at the end of July came in at 102, compared with 91 available homes at the end of June. Pending sales declined from 45 at the end of June to 39 at the end of July. (click on graph to enlarge)
The mid range real estate market in Pleasanton also showed an increase in inventory and a decline in sales activity. Inventory of available single family homes in Pleasanton between $1 million and $2 million ended July at 67 homes, up from 63 homes at the end of June. Pending sales in this price range stood at 12 at the end of July, down from 17 at the end of June. (click on graph to enlarge)
The luxury segment of the Pleasanton California real estate market showed a slight decline in available inventory, with 37 available homes at the end of July, down from 41 at the end of June. There were 3 pending sales in this price bracket at the end of July, down from 5 at the end of June. Overall, conditions in this segment remain sluggish. (click on graph to enlarge)
On the whole, the market right now in Pleasanton is slow, with mortgage troubles causing upward pressure on rates and uncertainty among buyers. Fortunately, inventory has not spiked as it often does in the summer months. On the positive side, this is one of the best move up markets in recent memory, as firm buyers with cash in hand can find some very good buys in the market right now. Ultimately, the mortgage troubles will be sorted out, and in the long run there is strong demand and strong job growth in the East Bay, all of which suggests that this real estate downturn will be a historic opportunity to purchase prime real estate at bargain prices without competition.
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Pleasanton Market Update… Holding Our Breath