Why is Pleasanton Housing market so Competitive?
One word- Location ! With incredibly soaring prices in the South Bay, buyers are moving further inland towards the East bay. Home prices even in Fremont are insanely high, just because of its proximity to Silicon Valley and high tech jobs.
This brings us to Pleasanton, which is closest East Bay city to the South Bay. The commute from Pleasanton to the South Bay cities like Milpitas, Fremont, San Jose, Cupertino is averaging from 35 min to an hour, depending how far into the South bay one has to commute to.
Pleasanton has also not seen a large number of new home construction. There are few builders currently in Pleasanton but the housing they are building is not like the traditional homes that we are accustomed to see in the city.
Mostly tri level homes with no yards are the hallmark of new home builders, who are trying to maximize their profits by skimping on land. This is causing fierce competition in the resale Pleasanton housing market and making it very competitive.
Being a large city, the exciting downtown of Pleasanton is also a great attraction for the residents. With amazing restaurants and shopping, celebrations of festivals and many other activities like the Farmers market, the downtown is popping with activity all year long with great events.
Stoneridge Mall is also a big attraction in Pleasanton. Its a great upscale mall, easily accessible from the 680 Freeway, the mall is home to fabulous restaurants and shopping. On Fridays, you can have a culinary sampling in the parking lot with a Food Truck day !
July 2017 has been a Seller’s market in Pleasanton! The number of for sale listings was down 22.2% from one year earlier and down 21% from the previous month. The number of sold listings increased 16.2% year over year and decreased 21.8% month over month.
The number of under contract listings was up 28.6% compared to the previous month and up 95.7% compared to the previous year. The Months of Inventory based on Closed Sales is 1.1, down 35.2% from the previous year.
The Average Sold Price per Square Footage was down 0.4% compared to the previous month and up 5.8% compared to last year. The Median Sold Price increased by 7.7% from last month. The Average Sold Price also increased by 3.3% from last month.
Based on the 6 month trend, the Average Sold Price trend is “Appreciating” and the Median Sold Price trend is “Appreciating”. Multiple offers in Pleasanton have been a mainstay of the housing market.
If you are looking to buy a home in Pleasanton, give Rama Mehra a call at 925-698-1815 for more information. We have team members who specialize in the Pleasanton housing market and are ready to assist you with all the information you may need.