Loading ...The Pleasanton CA real estate market showed some definite signs of life in February. Activity was up, especially in the lower price ranges. And inventory rose as well, which is not unexpected given that we are in early Spring. Overall, while there are still troubling signs in the economy, and the national and statewide real estate markets, the Pleasanton market (along with San Ramon, Danville, LaMorinda, the Peninsula, and other highly desirable markets) seems to be improving. Value is still the rule of the day, however, as cautious buyers are very deliberate in their pace, and generally conservative in what they are willing to pay. But activity is activity, and we’ll take it. Adding to the cautious optimism are reports of an increase in traffic and sales at the local new home developments, a welcome sign from a market segment that has been struggling at best. And reports from the Brentwood & Antioch markets, two of the hardest hit markets in Eastern Contra Costa County, show that there is an increase in inquires and activity as well, which is certainly welcome news. All in all we are seeing improvement in the market, although we still have a ways to go, and likely so more hurdles to overcome.
Pending sales activity in all of Pleasanton increased from 24 during January to 43 in February, or almost double. It it the highest number of pending sales since October 2007. Inventory also edged up, with 185 detached homes on the market at the end of February, as compared to 159 on the market at the end of January. (click on graph to enlarge)
The under $1 million market segment showed the largest increase in activity, with pending sales jumping from 14 in January to 30 in February, the largest number of pending sales in this bracket since August 2007. The inventory also increased, with 99 homes on the market at the end of February, up from 81 at the end of January. (click on graph to enlarge)
In the $1 million to $2 million bracket, pending sales remained flat at 10 in both January and February. Inventory in this price segment rose from 50 available homes at the end of January to 55 at the end of February. (click on graph to enlarge)
In the luxury home segment (over $2 million), there was a pickup in activity as well, with 3 pending sales in the month of February, as compared to none in January. Inventory was up slightly, from 28 available homes at the end of January to 31 homes at the end of February. Overall, market conditions are still sluggish in this price bracket, but buyers are finding some real values in the market, which should help stimulate activity. (click on the graph to enlarge)
Overall, I would expect to see inventory rise as we hit the Spring. The key question is whether there is enough demand to absorb most of the increase. If there is, then we could be reaching a point of stabilization. But if inventory rises dramatically, there could be more downward pressure on pricing in some of these price brackets. One thing is for sure… there are some great values out there right now for buyers who are willing to act.
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Pleasanton February Market Update - Activity Picks Up