Pleasanton Real Estate Market Update - Microsoft · •4.3% growth 2016 to 2018 •26% employment growth since recession •750,000 tech workers as of July 2017 •July 2016-July
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Pleasanton Real Estate Market Update
How many new homes have been built?
New Residential Development
• Essex Property Trust: 498 apartments
• St. Anton Partners: 248 apartments
• Summerhill: 94 condos
• Auf Der Mar: 345 apartments
• Township Square:
✓ 210 apartments
✓ 35 single-family detached
✓ 62 town homes
New Residential Development
• Essex Property Trust: 498 apartments
• St. Anton Partners: 248 apartments
• Summerhill: 94 condos
• Auf Der Mar: 345 apartments
• Township Square:
✓ 210 apartments
✓ 35 single-family detached
✓ 62 town homes
Condos and Townhomes For Sale – 2017 to 2018
5
1412
15 1513
19
14
107
5
14
10
3
7
14
10 1013
15
11
15
4
0
10
20
30
40
50
60
Pleasanton
Source: Bay East Association of REALTORS®
Condos and Townhomes For Sale – 2017 to 2018
0
10
20
30
40
50
60
Dublin Livermore Pleasanton
Source: Bay East Association of REALTORS®
Condo and Townhome Median Sales Prices
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
$1,000,000
Pleasanton
Source: Bay East Association of REALTORS®
Condo and Townhome Median Sales Prices
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
$1,000,000
Dublin Livermore Pleasanton
Source: Bay East Association of REALTORS®
Condos and Townhomes Sold – 2017 to 2018
6
14 15
2022
27
22
16
22
18
10
17
1210
26
1820 20
15
20
8
14 13
7
0
10
20
30
40
50
60
Pleasanton
Source: Bay East Association of REALTORS®
Condos and Townhomes Sold – 2017 to 2018
0
10
20
30
40
50
60
Dublin Livermore Pleasanton
Source: Bay East Association of REALTORS®
678
867 919 894
774
873
(100)
100
300
500
700
900
1,100
1,300
1,500
2013 2014 2015 2016 2017 2018
Pleasanton
Source: Bay East Association of REALTORS®
Detached Homes for Sale – 2013 to 2018
350
667
375
559
446 500
744
1,140 1,093
1,293
740
1,044
678
867 919 894
774
873
(100)
100
300
500
700
900
1,100
1,300
1,500
2013 2014 2015 2016 2017 2018
Dublin Livermore Pleasanton
Source: Bay East Association of REALTORS®
Detached Homes for Sale – 2013 to 2018
Detached Homes for Sale – 2008 to 2018
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Danville Dublin Livermore Pleasanton San Ramon
Source: Bay East Association of REALTORS®
Sales Prices
Pleasanton Median Sales Prices – 2018
$1,200,000 $1,221,000
$1,325,000 $1,300,000 $1,320,000$1,285,000 $1,300,000
$1,250,000
$1,124,000
$1,249,000$1,165,000
$1,130,000
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
Pleasanton
Source: Bay East Association of REALTORS®
Pleasanton Median Sales Prices – 2018
$1,200,000 $1,221,000
$1,325,000 $1,300,000 $1,320,000$1,285,000 $1,300,000
$1,250,000
$1,124,000
$1,249,000$1,165,000
$1,130,000
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
Source: Bay East Association of REALTORS®
Pleasanton Median Sales Prices – 2001 to 2018
$850,000 $810,000
$685,000
$1,036,375
$1,133,875
$1,249,500
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Source: Bay East Association of REALTORS®
Tri-Valley Median Sales Prices - 2018
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
Danville Dublin Livermore Pleasanton San Ramon
Source: Bay East Association of REALTORS®
Tri-Valley Median Sales Prices – 2001 to 2018
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Danville Dublin Livermore Pleasanton San Ramon
Source: Bay East Association of REALTORS®
Sales Price Percentage Change – Pleasanton
15%
8%
4%
9% 9%10%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
2013 2014 2015 2016 2017 2018
Pleasanton
Source: Bay East Association of REALTORS®
Sales Price Percentage Change – Tri Valley
15%
8%
4%
9% 9%10%
24%
12%
7% 7% 7%6%
25%
14%
7%6%
10%
3%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
2013 2014 2015 2016 2017 2018
Pleasanton Dublin Livermore
Source: Bay East Association of REALTORS®
Sales Activity
Pleasanton Home Sales – 2013 to 2018
624 655 632 614 670 694
-
200
400
600
800
1,000
1,200
1,400
1,600
2013 2014 2015 2016 2017 2018
Source: Bay East Association of REALTORS®
Pleasanton Home Sales – 2001 to 2018
703
1,015 1,008 1,029
811
662 629
453
537 604 609
651 624 655 632 614 670 694
-
200
400
600
800
1,000
1,200
1,400
1,600
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Source: Bay East Association of REALTORS®
Tri-Valley Home Sales – 2001 to 2018
-
200
400
600
800
1,000
1,200
1,400
1,600
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Danville Dublin Livermore Pleasanton
Source: Bay East Association of REALTORS®
Pleasanton Sales vs. Prices – 2001 to 2018
1,029
811
624 632 670 694 $722,500
$850,000
$851,500
$950,000
$1,133,875
$1,249,500
$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
-
200
400
600
800
1,000
1,200
1,400
1,600
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Source: Bay East Association of REALTORS®
Real Estate Market Drivers
Sellers Moving Less Frequently
76
76 6
5 56
5 56
78 8
910 10
1111.5
0
2
4
6
8
10
12
14Years Owned Home Before Selling
SERIES: 2018 Housing Market Survey
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® Source: California Association of REALTORS®
Sellers Moving Less Frequently
SERIES: 2018 Housing Market Survey
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
5
8
15
30
0 5 10 15 20 25 30 35
Millennials
Gen X's
Baby Boomers
Silent Generations
Source: California Association of REALTORS®
• Regional economy - $748b GDP
• $80,000 Per capital GDP
• 4.3% growth 2016 to 2018
• 26% employment growth since recession
• 750,000 tech workers as of July 2017
• July 2016-July 2017
✓Net outflow: 45,670 to other parts of U.S.
✓Net inflow: 58,156 from outside of the U.S.
Bay Area Economic Profile
Source: California Association of REALTORS®
Unemployment Rate: California Counties
2.0%
2.2%
2.4%
2.7%
2.8%
2.8%
2.9%
3.2%
3.4%
3.5%
3.7%
3.7%
4.1%
4.6%
6.6%
6.9%
0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0%
San Mateo
San Francisco
Santa Clara
Napa
Orange
Alameda
Contra Costa
San Diego
Santa Barbara
Sacramento
Ventura
San Bernardino
Riverside
Los Angeles
Kern
Fresno
Source: California Association of REALTORS®
517,008
245,375
300,900
211,183 189,742
258,108 228,842
137,192
53,950 27,883
130,080
66,507 69,690 59,986 47,551 36,996 52,298 39,935 18,668 8,329 -
100,000
200,000
300,000
400,000
500,000
600,000
California Job Creation vs. Building Permits
2010-2017
New Jobs Building Permits
Jobs / Housing Mismatch: 2010 to 2017
SERIES: Nonfarm Job Growth & New Housing Permits
SOURCE: CA EDD, Construction Industry Research Board
Source: California Association of REALTORS®
SERIES: California New Housing Permits
SOURCE: Construction Industry Research Board
61360
59960
0
50000
100000
150000
200000
250000
300000
350000
Single Family Multi-FamilyCA HCD Projected
Housing Needs:
180,000/yr.
Source: California Association of REALTORS®
Housing Needs: 1980 to 2018
For more information
David StarkPublic Affairs Director
Bay East Association of REALTORS®
Telephone: (925) 730–4068
Email: davids@bayeast.org
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