July Pleasanton Market Update

Pleasanton’s inventory levels peaked in June, reaching the mid-120 range. The current level is slightly lower, hovering in the 100-property range. This follows our historical market trend of beginning the year with a low inventory of homes, increasing throughout the spring, peaking in June and July, and then gradually declining again in late summer through the fall and winter. There are fewer buyers in the market, likely due to being priced out of the market, by the high interest rates, resulting in longer marketing times for most homes, and fewer offers on homes. The average number of days on the market currently sits at 34, which is much higher than in the spring when the average was below 20 days on the market. As one would expect, lower priced homes are selling quicker than the higher end. Homes under $2,000,000 average 24 days on the market, while homes between $2,000,000 - $3,000,000 average 37 days on the market, and homes above $3,000,000 currently average 52 days on the market. Interest rates remain in the high 6% - low 7% range but have seen slight improvement since Chairman Powell’s comments earlier this week indicating the possibility of a rate cut in September. If we see a meaningful decline in rates to the high 5% - low 6% range, we should see a large influx of buyers into the market, setting us up for a potentially strong fall season.