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Existing Real Estate Market Conditions This section assesses real estate market conditions, which provide an important measure of near-term economic vitality. For this section, most of the data tables can be found in the Appendices. Residential Market Overview Pleasanton's residential housing market is influenced by its current General Plan, which mandates a voter-approved cap on the development of housing units within the City, with no more than 29.000 units allowed. The Growth Management Program was created in order to manage the City's increasing population, and housing growth. Through its Annual Growth Management Reports, the City seeks to monitor growth and to ensure that new residential development is accessible to all segments of the population and can be supported by existing infrastructure and services. For example, projects containing at least 25 percent or more lower~ncome units have access to an additional allotment of units, over and above what is typically allowed. As of January 1, 2002 the City had achieved approximately 84 percent of the total housing units allowed. According to the 2002 Growth Management Plan, housing production has been fairly steady since 1980, at a rate of one to three percent growth in housing stock each year. The Growth Management Program also limits the number of residential building permits that can be issued each year at 350. Table B-1 (see Appendices) shows the history of residential building permits in the City from 1996 to mid-2005, with a total of 3,984 units approved over the period. Nearly 20 percent of those units were in multi-family projects with five or more units, just under one percent of new units were in projects with three to four units, and the remaining roughly 80 percent of new units were single family homes. This trend is reflected in the composition of Pleasanton's housing stock (see Table B-2). Approximately 73 percent of Pleasanton households in 2000 were lived in owner-occupied units, including 83 percent of those households in single family detached units. Tables B-3 through B-5 present recent sales data for single family homes and condominiums in Pleasanton and the Tri-Valley. This data was obtained from First American Real Estate Solutions (FARES), a subscription service that reports County Assessor's data for recorded real estate sales. Single Family For-Sale Market Recent Sales The single family market in Pleasanton is strong, with a significantly higher median sale price than the Tri-Valley region. The median sale price for the 316 full and verified single family P1easanton Economic Development Background Report RNAL - January 2006 28