Inching up a little from where prices were at the same time last year, prices are up considerably from October on. Only a little to be sure over last year, but up is a good direction in most people’s mind.
This is a significant change. The market was still averaging a respectably 47 days on market last year, but a dip to just 30 days represents a 36% change. Buyers will find that the best priced and conditioned properties aren’t on the market for long.
The supply of single family detached homes for sale in Pleasanton has dropped by nearly a 2 month supply. A 70% drop is very significant. Open houses are well attended, and properties are going pending very quickly. This is certainly an indicator of ripe market conditions. While they will favor the buyer in terms of overall value, sellers are the ones holding more of the cards when multiple offers are in play.
The relationship between supply and demand has become a familiar pattern in many East Bay and Contra Costa cities, and Pleasanton is no exception. Supply is down 22% and demand is up 14%. But the market is moving very quickly and I’m sure may will challenge these numbers as well.