Loading ...The Pleasanton CA real estate market slowed as expected in November. While the month of November started out reasonably well, the market stalled towards the end of the month thanks to Thanksgiving (recent studies have suggested that the tryptophan in Turkey not only makes you sleepy, but also slows a person’s desire to buy real estate). Overall, the market was slow but steady. Pending sales were down for the month, ending at 31 pending sales, down from 45 in October. Inventory is also trending down, with 176 single family homes on the market at the end of November, as compared to 199 available homes at the end of October. Again, from a seasonal perspective, this is not unusual, although last year at this time the market had a surge in sales in November, with 55 pending sales. (click on graph to enlarge)
For the low end of the Pleasanton market (under $1 million), sales declined from October, with 15 pending sales for the month of November, as compared to 26 at the end of October. This is certainly a slow sales pace for this price range. Inventory dipped slightly, with 95 homes on the market in Pleasanton under $1 million at the end of November, down from 99 at the end of October. (click on graph to enlarge)
For the mid range of the Pleasanton market (between $1 million and $2 million), sales were up, with 12 pending sales in November, up from 10 in October and 7 in September. Inventory trended down, with 51 available homes at the end of November in this price bracket, down from 64 at the end of October. (click on graph to enlarge)
The luxury segment of the Pleasanton market showed a drop in pending sales in November, with 4 pending sales for the month, down from a strong October showing of 9 pending sales. Inventory drifted down, with 30 available homes at the end of November, down from 36 at the end of October, and 42 at the end of September. Buyers looking for value are a strong driver for the recent activity in this price range. (Click on graph to enlarge)
Overall, the market is obviously slow, but not dead. While sales activity is down from the summer, inventory is also trending down, and that trend is likely to continue in December. The real question is what will next year bring, which is certainly a source of speculation in real estate circles. I expect the national and state wide gloom and doom regarding real estate to continue through the year, with increases in foreclosures and downward pressure on prices on a national level. A lot will depend on the strength of the economy. If the real estate slump tips our economy into recession, then things could deteriorate strongly. If the rest of the economy remains relatively healthy, then I expect the Pleasanton market to see a market very similar to this year, with erratic sales activity, longer market times, and a flat to slowly declining prices, with some neighborhoods and price ranges faring better than others. Again, the long term outlook for Pleasanton is certainly positive, with continued job growth and the migration of families from other areas looking for a highly desirable city with top rated schools.
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November Pleasanton Market Update