Loading ...Well, we’re half way through the month of October, and the Pleasanton real estate market is moving along at about the same relative pace that is did last month. So far in October, we have 16 single family homes that are pending, which is about the same as the first half on September. Right now, there are 215 single family homes on the market in Pleasanton, which indicates that inventory, while up slightly from the end of September, is relatively stable. But there are some interesting observations about the recent activity in Pleasanton. Since September 1st, there are 50 homes that have gone into escrow (some of which have closed escrow). When you take a look at the all of these sales, several trends emerge:
* Over 50% of the sales (28 sales) were on the market for 30 days or less, and almost 1/3 of these sales (16) were on the market for 14 days or less.
* Of these sales that occurred in 30 days or less, only 3 of the 28 sales had a price reduction
* Of the 22 sales that were on the market for over 30 days, 77% of these sales (17) had price reductions
* Of the 11 sales that were on the market for over 60 days, 91% of these sales (10) had price reductions
So what conclusions can be drawn from this data? Here is my opinion for what it’s worth:
1. Good News. There are homes selling, some very quickly. Buyers are still out there… they just need to be convinced that the home is a good value
2. Your best chance to sell your home in the current market is within the first 30 days. It should be prepared for the market by making sure it looks the best. Paint, carpeting, landscaping, and other cosmetic improvements should be done ahead of time to ensure that your home looks its best when it first hits the market, when interest from buyers is typically highest.
3. If your home does not sell within the first 30 days, a price reduction will often be necessary to keep the momentum and continue to attract attention from buyers.
4. If your home is on the market for 60 days or more, a price reduction is pretty much mandatory to make your home attractive.
Success in selling your home in today’s market requires that the seller be flexible, and adjust to the market. One thing about markets, they always tell you where you stand if you listen. So prepare your home for the market, price it to be attractive, and you have a much better chance of getting your home sold quickly at a decent price. And it is certainly true in this market that the sooner your home sells, the better the price you will get. If you have questions on how to get your home prepared and priced correctly, give me a call.
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Pleasanton CA Mid October Market Update