Loading ...The Pleasanton real estate market in August was slow but steady, which has been the trend for the past few months. Inventory dropped slightly, perhaps signaling the start of a seasonal trend downward after Labor Day. At the end of August, there were 264 homes on the market, down from 269 at the end of July. Pending sales for August were up slightly, with 50 pending sales for the month, as compared to 45 for the month of July. Recent rate declines with the Federal takeover of Fannie Mae & Freddie Mac might give the market a shot in the arm, and with some of the values in the marketplace now, some buyers are again sticking their toe in the water. It remains an excellent market for buyers, and especially for move up buyers, who admittedly will take their lumps on the sale of their home, but will be able to benefit from some of the values available today. (click on the graph to enlarge)
In the Under $1 Million market, inventory is actually up slightly, with 148 single family homes on the market in this bracket, compared to 146 at the end of July. Pending sales were up as well, with 38 pending sales in August, up from 33 in July. Indeed, this is the highest level of pending sales since April in this price range. (click on the graph to enlarge)
In the $1 million to $2 million market, inventory was down, with 83 homes on the market at the end of August, as compared to 87 at the end of July. Pending sales were flat, with 9 pending sales in August, which is down from 20 pending sales in April & May. There is some activity, there are still showings in this price range, but buyers remain value driven. (click on the graph to enlarge)
In the luxury home segment over $2 million, inventory dropped slightly, with 33 homes on the market at the end of August, down from 36 at the end of July. Pending sales have been identical the last 4 months, with 3 pending sales for the month of August. There is a 1 year supply of homes in this segment, and this price bracket remains slow. (click on the graph to enlarge)
Look for some buyers to jump into the market as we enter the fall, perhaps wanting to get a jump on the spring market and take advantage of some of the great values available now, which is smart. With the drop in rates, it is a great time to shop for a new home.
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Pleasanton August Market Update - Slow but Steady