Pleasanton CA Homes for Sale | Pleasanton Market Update June 2016
- Inventory and sales continue to climb
- Inventory still below the level of a year ago
- Pricing steady
- Low end of the market heats up
The real estate market in Pleasanton continued its steady pace in June with both inventory and sales increasing from May. Homes priced under $1 million were in high demand; receiving more offers, selling more quickly and for more relative to their list price than other segment. In general, pricing remained steady, with homes selling for their asking price, on average. Homes that sold in June did so quickly, in an average of only 17 days. Pricing is more critical now than normal, with buyers being more selective and cautious. Demand remains strong, however, with quality properties that are priced right seeing multiple offers.
94 homes were for sale at the end of June, up 9% from 86 at the end of May. That was till 13% below the 108 actively listed homes at the end of June 2015. Pending sales increased 4%, from 75 during May to 78 in June, the same number that went to contract a year ago. Inventory relative to pending sales stood at 1.2 months at the end of June, up slightly from 1.1 months at the end of May but below the 1.4 months available at the end of June 2015.
Closed sales increased from 69 in May to 73 in June, which was well off June 2015’s 101. The median sales price in June was $1,050,000, down 9% from $1,148,000 in May. That was more due to the mix of sales than an actual price decline. 43% of closed sales in June were less than $1 million, while only 31% of May’s sales were in that segment. On average, May’s sales closed for 100% of their list price, compared to 101% in June and 100% a year ago. The price per square foot, which hit $500 for the first time in May, increased to $504 in June, 7% higher than June 2015’s $469.
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 lower than it was a year ago and, while buyers are being somewhat cautious, there is strong demand, 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 many properties, having a highly competent agent who knows the Pleasanton market will be critical to your success
Buyers: Being prepared to act quickly will be the key to getting the home you are looking for. Prime properties are getting a great deal of attention and multiple offers. The result is that they don’t stay on the market long. 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.