Pleasanton CA Homes for Sale | Pleasanton Market Update March 2017
- Activity brisk and demand strong
- Inventory climbing
- But sales increase faster
- Demand very strong for homes priced under $2 million
The real estate market in Pleasanton broke out of its winter slump in March, with pending sales increasing nearly 90% and inventory continuing to climb. Market activity was brisk and demand strong. Home values increased and for the first time since May 2016, properties sold for more than their list price, on average. Demand was particularly strong for homes priced under $2 million, for which there was just over a two week supply at the end of March.
72 sales went to contract during March, an 89% increase from February’s 38 and equal to the number of a year ago. Inventory rose 36%, from 44 at the end of February to 60 at the end of March, which was two more than at the end of March 2016. Less than a month’s supply (.08 months) was on the market at the end of March, compared to 1.2 months at the end of February and 0.8 months a year earlier. There was not much change in time on the market, with March’s sales closing in an average of 23 days, compared to February’s 22.
Home values have stayed fairly steady the past several months but increased somewhat in March. The median sales price of $1,088,000 was a 6% increase over February and was the highest since May of last year. The price per square foot also increased, from $492 in February to $503 in March. The average sale in March was for 101% of the list price, up from 99% in February and 100% in March 2016.
Inventory was the lowest and demand the strongest for homes priced under $1 million, which had less than two weeks of inventory at the end of March. Homes priced over $2 million had the most inventory, with 21 homes for sale, a 3 month supply. About 90% of all pending sales in March were of homes priced below $2 million.
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 low and demand remains 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 is fairly balanced, especially compared to the previous few years. Prime properties are still getting a great deal of attention and even multiple offers on occasion. 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.