Where Have All the Deals Gone?
October 20, 2009
Have you missed the boat? Maybe…
Dublin Ranch Condos pricing and homes for sales in Pleasanton, CA are on the rise.
For the past year or so we have had a lot of home buyers telling us something along the lines of “We want to buy a home, but are not in a rush, we really want a good deal.” That is a fair statement to make, but unfortunately, the ship of deals may have sailed… Here are a few examples of what we mean. In the past few months we have seen a surge in the number of offers being placed on homes as they come on the market. Homes come on the market and receive offers within a few days.
This link is for Pleasanton homes that were listed in the last 30 days and are now pending. The days on MLS is located about half way down the page. Pleasanton Homes DOM. We have seen pricing from the beginning of the year on the rise. Dublin Ranch Condos have seen an increase in pricing from $330,000 in March to $385,000+ now. Up the hill in the Lennar development a home was sold in January for $600,000 and came on the market last Friday and is pending at $629,000 (accepted offer was likely higher). In Pleasanton the Jensen/Amador neighborhood had home sales in March at $500,000, now comparables are above $550,000. Prices are coming up in many areas, there are more multiple offers on homes and the overall confidence is improving. A few examples are below
Months Supply of Tri Valley Homes:
In October 2008 months supply for Pleasanton homes was 8.19 months, Dublin was 6.93, San Ramon was 6.59.
The latest update we posted September home sales 2009 had Pleasanton home at 2.33 months, Dublin was .86, San Ramon was 1.82 months supply
Stock Market:
In the past year, as you know the DOW has climbed 13% and is up from its low in March ’09 of 6,469 to over 10,000. Also as companies report their Q3 earnings many of them beat the streets expectations on earnings, driving the stock market higher.
Consumer Confidence:
Recent data out shows overall people are becoming more optimistic Julia Boorstin.
What are your thoughts? Do you think there are still opportunities to find good deals on housing and has the market hit bottom?
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2 Responses to “Where Have All the Deals Gone?”
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Interesting perspective and I suspect we are close to this inflection point. However, I am not convinced we are there yet for 2 reasons: 1) People had been waiting for deals and the summer is the last opportunity to pull the trigger 2) the $8,000 return which expires in Nov.
Thoughts?
Timing the bottom across the board is pretty much impossible. In certain areas of Pleasanton and Dublin we are seeing prices and activity higher than they were early ’09. 1. True, people have been waiting until summer, also waiting to see if they are financially stable as the economy is fragile. 2. Let’s see what happens if the government extends it… As we enter winter, activity will slow as it normally does, but the tax credit should carry us through the spring if they extend it.