Pleasanton CA Homes for Sale | Pleasanton Market Update May 2017
- Inventory can’t keep pace with demand
- Less than a month’s supply
- Homes selling in less than two weeks
- Prices steady – but off April’s high
Heat came early to the Pleasanton real estate market in the form of strong demand and insufficient inventory. The supply of homes for sale fell 26% from April, while closed sales were up 27%, leaving less than a month of inventory on the market. Good properties sold quickly in May, with the average time on the market at only 14 days. The median sales price came down a little from April’s all time high but was equal to May 2016’s previous high. Homes priced under $2 million sold the fastest and for 102% of their list price.
A 0.8 month supply was on the market at the end of May, compared to 1.2 months at the end of April, as well as a year earlier. Inventory fell from 90 homes at the end of April to 67 at the end of May, which was also 19 fewer units than a year ago. Pending sales increased 9%, from 77 in April to 84 in May. May’s sales were 14% higher than a year ago. Closed sales jumped 27% in May, from 59 in April to 75. 69 sales closed in May 2016.
The average sale in May took 14 days, the same as in April and one day longer than in May 2016. Homes sold in May for 100% of their list price, on average, down slightly from 101% in both April of this year and May of last.
May’s median sales price was $1.15 million, down 2% from $1.175 million in April. However, April’s median sales price was the highest ever here, with the previous ever being May 2016’s $1.15 million. The price per square foot increased 5%, from $511 in April to $539 in May. That was 8% above may 2016’s $500 per square foot.
The tables below provide further details on the current market compared to prior periods, as well as a look at different market segments.
Sellers: It is a great time to be selling a home in Pleasanton. Inventory is very low and demand is strong, especially for prime properties in excellent condition that are priced right. Proper marketing and staging will be important to getting the most for your home. While multiple offers are still occurring for a few select properties, most other homes have to be priced strategically to get top dollar. More than ever, having a highly competent agent who knows the Pleasanton market will be critical to your success
Buyers: The current market has been fairly balanced, especially compared to the previous few years but inventory is low and multiple offers much more common than in the past year. Prime properties, in particular, are getting a great deal of attention and multiple offers. Being prepared to act quickly will be the key to getting the home you are looking for. Having a professional Realtor who understands the Pleasanton market and your own strengths as a buyer will put you in a strong position to secure the home you really want.