The median sold price in Pleasanton for detached homes is very close to where it was a year ago. But there is a noticeable drop from March to September of '11 until now. Just looking at year to year, we get the impression the median price is rising. Taken in the larger context though, it looks very different. Subsequent months will tell the rest of the story in terms of trending.
Lower time on market is usually a good indicator that more buyers are in the market, or that sellers are more realistic in setting their list prices at rates attrative to buyers. A 2-day average increase isn't anything worriesome.
If you inspected these same charts for Livermore, you'd notice an downward trend in supply, but upward in demand. The supply and demand for Pleasanton have moved by the same percentage. If demand is down, then less inventory should keep pricing from taking any drastic downward movement.
Again, inventory supply is very similar to this same time last year. February and the dismal rainy months typically see fewer homes on the market. However, that is expected to rise as sellers prepare homes for the Spring market. Hopefully demand will rise at an equal or higher rate.
Why do so many people ask Real Estate agents, “How’s the Market?” Because they know that information is local in nature - often hyper-local. What happens around the country may not be indicative of the state of California. Or my region – the Tri Valley. And within that region, we have different markets. My hometown of Livermore is different from neighboring Pleasanton and Dublin.
The Active Rain Corp., the largest social real estate network for industry professional recently conducted a survey – Real Estate Recover or Not, to take the pulse of agents in the field and get a sense of whether we deemed our local markets to be in a state of recovery (or not). 1835 agents participated in that survey, and the compilation results are interesting.
If you want an introspective read on your neighborhood, contact me direct for comparative market data.
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