Pleasanton CA Homes for Sale | Pleasanton Market Update May 2016
- Pending sales up 21%
- Days on market very low at 13 days
- Price per square foot hits $500 for the first time
- Inventory little changed
The Pleasanton real estate market continued to heat up with the weather during May. More sales went pending than in any month since May of last year. Homes continued to sell very quickly, especially those that got the pricing right. Buyers are being more cautious, however, and the activity has been somewhat less frenzied than in April. While the market has been very strong, it is not at hyper as it was a year ago and there is a sense that the summer will not be as hectic as in 2015.
82 sales went to contract in May, up from 68 in April but well below May 2015’s 93 sales. Closed sales increased by only three units in May to 68, 18 less than a year ago. Inventory also increased by three homes, to end the month with 86. One year ago, 92 homes were actively listed. An even one month of inventory was available for sale at the end of May, down from 1.2 months at the end of April and equal to the level of a year earlier.
The price per square foot hit $500 for the first time ever in May. That was $7 higher than in April and $24 higher than a year ago. The median sales price increased 14%, from $1,008 in April to $1,149,000 in May. May was 23% higher than May 2015’s $936,000. The average sale in May was for 101% of the asking price, compared to 100% in April and 102% in May 2015. On average, homes were on the market an average of 13 days in May, half the 27 days they were on the market in April and equal to that of a year ago.
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 remains low and there is strong demand from buyers, 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.