Month-over-Month Changes

In February 2024, the Pleasanton real estate market saw several shifts compared to January 2024:

  • Homes Sold: 18 homes were sold, marking a 5% decrease from the 19 sales in the previous month.
  • Median Sale Price: There was a significant increase of 12% from $1,625,000 in January 2024 to $1,825,000 in February 2024.
  • Days on Market (DOM): Increased slightly to 9 days from 8 days in January 2024.
  • Percentage of List Price Received: Sellers received an impressive 104% of their asking price, up from 101% in January 2024.

Analysis

The month-over-month data suggests a robust market despite a slight decrease in the number of homes sold. The significant increase in the median sale price and the percentage of the list price received indicates strong buyer competition and a market favorable to sellers. The slight increase in DOM indicates that while homes are taking slightly longer to sell, the market remains active.

Year-over-Year Comparison

Comparing February 2024 to February 2023, we observe notable changes:

  • Homes Sold: Decreased by 10%, from 20 to 18.
  • Median Sale Price: Saw a remarkable increase from $1.49M in February 2023 to $1.83M in February 2024, indicating a 22% rise.
  • Days on Market (DOM): Improved significantly, with homes selling faster, dropping from 14 days to 9 days.
  • Percentage of List Price Received: Sellers received 104% of their asking price in February 2024, a substantial improvement from 99% in February 2023.
  • Months of Inventory: Reduced slightly from 1.7 months in February 2023 to 1.5 months in February 2024, suggesting a tighter market.

Analysis

The year-over-year statistics highlight a market that has grown more competitive and lucrative for sellers, with a marked increase in sale prices and a faster selling process. Despite a slight drop in the number of homes sold, the demand remains strong, as evidenced by the higher sale prices and the percentage of list price received.

Price Points and Quadrants

The sales details for February 2024 broken down by quadrants show:

  • Top Quadrant: 5 homes sold, Median Sale Price: $2,350,000, Median DOM: 9, Avg. $/Sq.Ft.: $768.
  • Second Quadrant: 5 homes sold, Median Sale Price: $1,875,000, Median DOM: 8, Avg. $/Sq.Ft.: $958.
  • Third Quadrant: 4 homes sold, Median Sale Price: $1,592,500, Median DOM: 18, Avg. $/Sq.Ft.: $856.
  • Bottom Quadrant: 4 homes sold, Median Sale Price: $1,255,000, Median DOM: 17, Avg. $/Sq.Ft.: $940.

Analysis

The data indicates that while all quadrants are active, there is significant movement in the top two quadrants, suggesting that mid to high-priced homes are especially sought after in Pleasanton. The top quadrant’s homes, despite the highest prices, are selling almost as quickly as those in lower quadrants, highlighting a robust demand for luxury homes.

Conclusion

The Pleasanton market in February 2024 showed a dynamic and competitive landscape. While the total number of homes sold has slightly decreased month-over-month, the significant increase in median sale prices, both month-over-month and year-over-year, alongside a shorter DOM, underscores a strong seller’s market. The activity across different price quadrants further reveals a diversified market where both mid-range and high-end properties are attracting buyers. These trends offer valuable insights for both buyers and sellers in navigating the Pleasanton real estate market as we move into March 2024.

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