Pleasanton CA 2017 Homes for Sale and Real Estate Market Year In Review
Tight inventory and strong demand was the norm for Pleasanton real estate in 2017. We had more sales in 2017 than 2016, with substantially fewer homes available to sell. That led to higher prices, with the median sales price increasing 9% from 2016. Homes priced under $2 million were in very high demand and sold in an average of only 20 days (a 20 day average sales time is generally considered to indicate a hot market).
Sales increased 7% in 2017, a nice increase given the reduction in supply. The median sales price increased $90,000, from $1,050,000 in 2016 to $1,140,000 in 2017. Relative to the list price, homes sold for an average of 99% of the original list price, unchanged form 2016. Time on the market was down from 2016 by an average of two days.
Homes priced under $1 million were the most in demand and the least available. Demand was also very strong for homes priced under $2 million. That is demonstrated by two statistics in the chart above, days on market and sales price to list price. Properties with a $1 million or less price tag sold in an average of only 21 days for 102% of the list price. The same was true for the $1 million to $2 million price range.
The table above shows the lower level of inventory in 2017 than 2016. It also indicates that sales were strong in spite of the lack of supply. May, June and July were particularly strong months, even more than normal seasonality would predict. We ended the year with the lowest inventory we have seen in at least two years but with very strong sales.
The table above highlights just how strong the demand was for homes priced under $1 million. Inventory was below the level of sales throughout the year, whether looking at pending or closed sales. The year ended with only one property actively listed in this price category.
The story was about the same for homes priced from $1 million to $1,999,999. Sales were consistently well above inventory and the year ended with only seven of these homes for sale. The last half of 2017 was a very active time in this price range.
Homes priced over $2 million saw a different dynamic in 2017. Inventory was well above sales and there was less volatility in sales, month to month. Inventory ranged from a high of 33 in April to a low of 11 in January. 12 homes were actively listed at the end of 2017.