Foreclosure Homes in Pleasanton

NODs (notice of default) were up by 35% in August as compared to the previous year at this time, and up by 76.9% from the previous month. NOS’s (notice of sale) were down in both instances as banks prefer not to add to their inventory. The highest number of NOS’s was issued to properties priced over $1 million.

Although NODs have increased this year the pre-foreclosure, scheduled for sale and bank owned inventory has fallen.

On the positive side, the East Bay had some welcome news on the job front with approximately 3,700 positions added in July and a total of 9,000 in the nine-county Bay Area. Mortgage interest rates remain at record lows. However, the stock market continues to experience wild swings and the European economy continues to cast a shadow on ours. New home sales remain weak due to the bargains in the resale home inventory
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Pleasanton home sales in September 2011

Homes in several price points have fared better in sales this year compared to previous years, especially in the $400-499k – over double the number sold last year. The $500-599 and $700-799k have also done better with most other categories being comparable, except for the $2 million plus range, which continues to do poorly.
August sales were higher in Pleasanton by 47% as compared to last year; however both median and average prices were lower by 0.53% and 2.58% respectively.

At current absorption rates, there is a 3 month supply of homes in Pleasanton, which remains at a healthy level with the average days on market being at 49 days (same as last year at this time but lower than 2009).

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Ruby Hill Home Sales for September 2011

With the passing of summer, inventory is beginning to slip – of the 19 active homes one has a contingent offer on it. 8 of these homes have been on the market for a total of over 3 months and 9 are priced over $2 million. Only one home was added to the active inventory this month and it went pending within the month. The single bank owned home which is currently active on the market is priced at $2.34 million (over 8,000 sf, built in 2006).


4 homes went under contract in September – good activity considering the school season had already started. Of the 9 pending properties, 6 are short sales which shows how price sensitive the buyers are these days, as short sales sell generally below market value. Excluding short sales/bank owned properties, the 36 Ruby Hill homes sold this year have ranged from $308 psf to $397 psf.

September end           Total           Bank owned share                     Short Sale Share

Active                            19                    1                                                0

Pending                          9                      0                                                6

Sold to date 2011          40                    2                                                 4

 
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