More homes on the market and slightly lower sales prices signal the start of a busy real estate season.
The number of single-family detached homes listed for sale shot up from 46 last March to 87 this March. However, only 51 homes sold compared with 63 last March. More supply and fewer sales put some downward pressure on prices.
"While there are more active listings at this time compared with last year, what really hasn't changed a lot are sales prices. The median sales price is down 4.5%, which is not a big change year-over-year," said Nancie Allen, 2019 president of the Bay East Association of Realtors.
The median sales price for a single-family detached home in Pleasanton in March 2018 was $1.325 million. This March it was $1.265 million.
As prices ease, buyers moved quickly. A home was on the market in Pleasanton an average of 17 days last March. That dropped to 15 this March. "Pleasanton is still rocking and rolling, buyers are coming in and homes are being sold," Allen said.
From a seller's perspective, with prices dropping even slightly and homes selling quickly, they may have a different experience from even just a few months ago.
"Sellers do need to change their expectations a little bit," Allen said. "They definitely need to listen to their Realtor, and they should not expect their home to go on the market priced as high as last year."
Allen offered tips for buyers considering Pleasanton, saying, "You better have your ducks in a row when you put your offer in. I know that agents are looking for the best, highest offer with the best terms. Working with your Realtor to have a complete offer package will put you up and over some buyers who may not have done their home work."
Asked if there is room for negotiation between buyers and sellers, Allen said, "It's going to depend on property to property. What we're seeing in Pleasanton is really property-specific."
She explained the list price to sales price ratio dropped from 104% last March to 99% during March 2019. This means homes sold for slightly less than asking price. It's still a sellers' market but buyers have more power.
Allen added, "Properties are being priced well in Pleasanton, but I don't think sellers should expect huge over-asking offers."