Month-over-Month Changes

January 2024 witnessed notable adjustments when compared to December 2023:

  • Homes Sold: There was a decrease in the number of homes sold, from 23 in December 2023 to 19 in January 2024, marking a 17% reduction.
  • Median Sale Price: The median sale price experienced an 8% increase, rising from $1,501,000 in December 2023 to $1,625,000 in January 2024.
  • Days on Market (DOM): The DOM saw a slight decrease, moving from 9 days in December 2023 to 8 days in January 2024.
  • Percentage of List Price Received: Sellers received 101% of their asking price in January 2024, a slight decrease from 104% in December 2023.

Analysis

The month-over-month data suggests a tightening market, with fewer homes sold but at higher prices. The decrease in DOM indicates that, despite fewer transactions, homes that do sell are moving quickly, reflecting a competitive market environment.

Year-over-Year Comparison

Comparing January 2024 to January 2023, the Pleasanton market shows significant changes:

  • Homes Sold: Remained stable at 19.
  • Homes Listed: Increased slightly from 26 in January 2023 to 28 in January 2024.
  • Median Sale Price: Saw a substantial increase from $1.48M in January 2023 to $1.63M in January 2024.
  • Average Dollar per Sq. Ft.: Increased from $754 in January 2023 to $872 in January 2024.
  • Days on Market: Dramatically decreased from 26 days in January 2023 to 8 days in January 2024.
  • Percentage of List Price Received: Improved from 98% in January 2023 to 101% in January 2024.
  • Months of Inventory: Decreased from 1.0 in January 2023 to 0.7 in January 2024.

Analysis

Year-over-year, the Pleasanton market has grown more competitive, with significant price increases and a faster sales cycle. The stability in the number of homes sold, coupled with a decrease in inventory, suggests a strong seller’s market.

Price Points and Quadrants

January 2024’s sales data, broken down by quadrants, reveals:

  • Top Quadrant: 5 homes sold, Median Sale Price: $3,223,125, Median DOM: 22, Avg. $/Sq.Ft.: $820.
  • Second Quadrant: 5 homes sold, Median Sale Price: $2,196,000, Median DOM: 7, Avg. $/Sq.Ft.: $825.
  • Third Quadrant: 5 homes sold, Median Sale Price: $1,425,000, Median DOM: 8, Avg. $/Sq.Ft.: $948.
  • Bottom Quadrant: 4 homes sold, Median Sale Price: $1,275,000, Median DOM: 53, Avg. $/Sq.Ft.: $855.

Analysis

The distribution across quadrants indicates a balanced market activity, with homes in the top and second quadrants moving quickly. The significant DOM in the bottom quadrant suggests a slower market for lower-priced homes, highlighting a preference for mid to high-range properties.

Conclusion

The Pleasanton real estate market in January 2024 has shown a mix of stability and growth, with a notable increase in median sale prices and a decrease in DOM. The year-over-year comparison underscores a robust seller’s market, with high demand and competitive pricing. The quadrant data provides valuable insights for both buyers and sellers, indicating a strong market for mid to high-range properties.

Data provided by MLS Listings and is deemed reliable but not guaranteed.