Month-over-Month Changes

In May 2024, the Pleasanton real estate market experienced several changes compared to April 2024:

  • Homes Sold: 54 homes were sold, marking a 5% decrease from 57 sales in the previous month.
  • Median Sale Price: The median sale price slightly decreased by 2%, from $1,980,000 in April 2024 to $1,937,675 in May 2024.
  • Days on Market (DOM): The DOM remained consistent at 8 days in both April and May 2024.
  • Percentage of List Price Received: On average, sellers received 106% of their asking price in May 2024, up from 105% in April 2024.

Analysis

The month-over-month data indicates a minor cooling in the market, with a slight decrease in homes sold and median sale price. However, the stable DOM and high percentage of list price received suggest that demand remains strong, with sellers still receiving above their asking prices.

Year-over-Year Comparison

Comparing May 2024 to May 2023, the following changes were noted:

  • Homes Sold: The number of homes sold remained unchanged at 54.
  • Homes Listed: Increased significantly from 57 in May 2023 to 110 in May 2024.
  • Median Sale Price: Increased from $1.80M in May 2023 to $1.94M in May 2024.
  • Average Dollar per Sq. Ft.: Rose from $864 to $923, reflecting a 7% increase.
  • Median Days on Market: Slightly increased from 7 days in May 2023 to 8 days in May 2024.
  • Percentage of List Price Received: Increased from 104% in May 2023 to 106% in May 2024.
  • Months of Inventory: Increased from 0.9 in May 2023 to 1.2 in May 2024.

Analysis

The year-over-year comparison reveals a significant increase in the number of homes listed and the median sale price, suggesting a robust market with higher inventory levels. The increase in average dollar per square foot and the percentage of list price received indicates continued strong demand, with buyers willing to pay a premium for homes in Pleasanton.

Price Points and Quadrants

The sales details for May 2024 were broken down by quartiles:

  • Top Quartile: Homes Sold: 14, Median Sale Price: $3,087,500, Median DOM: 14 days, Average Dollar per Sq. Ft.: $1,013
  • Second Quartile: Homes Sold: 11, Median Sale Price: $2,077,000, Median DOM: 8 days, Average Dollar per Sq. Ft.: $818
  • Third Quartile: Homes Sold: 13, Median Sale Price: $1,780,000, Median DOM: 7 days, Average Dollar per Sq. Ft.: $874
  • Bottom Quartile: Homes Sold: 13, Median Sale Price: $1,420,000, Median DOM: 8 days, Average Dollar per Sq. Ft.: $888

Analysis

The data shows that all quartiles are active, but the top quartile is particularly notable for its higher median sale price and longer median DOM, indicating that higher-priced homes are taking slightly longer to sell but are still moving steadily. The third quartile homes are selling the fastest, reflecting strong demand in this price range. The slight variations in average dollar per square foot across the quartiles suggest diverse pricing dynamics within the market.

Conclusion

The Pleasanton market in May 2024 showed a slight decrease in homes sold compared to the previous month but a significant increase in homes listed year-over-year. The increase in median sale price and stable DOM indicate a strong market, particularly for sellers. The quadrant data provides valuable insights for both buyers and sellers, showing that higher-priced homes are particularly competitive.

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