Loading ...The Pleasanton CA real estate market is relatively stable at the mid point in March. Certainly, amidst the drum beat of bad economic news and further turmoil on the financial markets (I guess putting all my money into that Bear Stearns Emerging Markets Fund was a bad move), we are really doing quite well. Inventory is creeping up as we head into Spring, but this is normal. There are 194 total single family homes available in Pleasanton right now, up from 185 at the beginning of the month. Most of the increase is in the $1 million plus market. Pending sales look to be about on par with February, which was a good showing. There are 21 pending sales for March so far, compared with 43 for the month of February. So in a nutshell, we are chugging along at a decent clip.
There are some encouraging signs in the marketplace. Some of the outlying areas like Brentwood and Tracy are reporting an increase in sales, and more market activity. New home builders are reporting more traffic across the board, and sales are up fairly significantly at most subdivisions. And the Fed just lowered their short term rates again by 1/4% and then 3/4% two days later. All in all, with prices at a bargain level for many homes in our market, real estate is getting more attractive. And good news for those borrowers who are stuck with adjustable rate loans…. your rates are going down! In fact, with the continued downward pressure on short term rates, adjustable rate mortgages have become very attractive again, especially since fixed rates remain stubbornly high in the face of all of this rate cutting by the Federal Reserve. This is because long term rates are more sensitive to inflation, and often when short term rates are cut, long term bonds and mortgage rates actually increase as investors worry about inflationary pressure. So all in all, we are doing pretty well thank you. Here’s hoping we see more improvement as we get into Spring.
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Pleasanton Mid March Update - More of the Same