Pleasanton June 2025 Real Estate Update

The Pleasanton real estate market in May saw inventory continue to trend higher, along with more pending sales activity

Let’s take a dive into the numbers for May:

Supply/Inventory:  The inventory of available single-family homes increased to 122 homes for sale. This represents an 8.9% increase from April, and a 72% increase from May of last year.  While it is normal to see inventory climb in the Spring, it is trending higher at a robust clip.

Demand: Pending sales (homes under contract) showed gains in May, which often tracks with an increase in inventory (buyers have an easier time finding homes they want).  There were 62 pending sales in May, up 44% as compared with April.  However it was 13% lower than May of 2024.  Closed sales were down however, with 42 closed sales in May, which was 19% lower than April and 25% lower than May of last year. Median days on market for closed sales rose to 16, which is 6.7% higher than April and double the figure for May of 2024.  This figure represents the most desirable homes, which tend to sell faster.  Average days on market for Active listings in Pleasanton stands at 44, showing that most homes are simply taking longer to sell.

Prices: Both the median price per sq ft and the median sold price were lower in May. The median price per sq ft for sold homes was $864, down from $866 in April and $884 in March, and down 4.7% from May of 2024.  The median sold price in May was $1,685,000, down 6.6% from April’s figure and 13% lower than May of last year.  The average sales price to list price ratio in May also declined to 98%, down from 100% in April and 106% in May of 2024.  30% of the current listings have had price reductions.  It is still true that some homes still sell fairly quickly, often close to or above the asking price with multiple offers, while others sell below asking. 

Interest Rates: Average 30-year fixed mortgage rates have remained stubbornly high, sitting at 6.85%, which is up 3/4% from October of last year’s low point of 6.08%.  Interest rates remain the key driver for the real estate market.  We will see if rates will ease up as we head into Summer.

Economic/Other Considerations: Things have calmed down on the economic front.  The capital markets have largely recovered from the turbulence in April, the inflation outlook has improved, and in general there are strong signals that the economy has stabilized.  Consumer confidence has also improved.  Here’s hoping this will lead to improved activity in the real estate sector