Livermore CA Homes for Sale | Livermore Market Update December 2016
- Inventory lowest since 2007
- Little more than two week supply
- Pending sales down but more buoyant
- Prices soften
While a decrease in inventory and sales are typical for November, the low number of homes for sale here is not. It is the lowest inventory level in nine years. Pending sales (while dropping and at their lowest level this year) show more resiliency and are higher than a year ago; a pretty clear indication that demand is there.
We remain positive about the coming year. There of signs of optimism in the economy and consumer confidence is up. Interest rate increases are likely on the way, but as the economy gains steam, the demand for housing should increase even further. The market should be strong in the first quarter.
Only 35 homes were for sale at the end of December, a 49% drop from 69 at the end of November and a 30% decline for 50 a year ago. Supply relative to pending sales stood at 0.6 months at the end of December, compared to 0.9 months at the end of November and 1.4 months at the end of December 2015.
Pending sales fell 26%, from November’s 74 to 55 in December. December’s sales were, however nearly 50% higher than December 2015’s 37. Closed sales were little changed at 75 during December.
December’s median sales price was $653,000, down 5% from $690,000 in November and 9% from $715,000 a year ago. The average sale in December was for 98% of the list price, unchanged from November and just a tick below December 2015’s 99%. The price per square foot was $413, slightly less than November’s $417 but well above last year’s $379. Homes sold in December in an average of 35 days, compared to 31 days in November and 26 days a year ago.
The tables below provide further details on the current Livermore CA market compared to prior periods, as well as a look at different market segments.
Sellers: It is a great time to be selling a home in Livermore. Inventory is low and demand remains strong, especially for prime properties in excellent condition that are priced right. Proper marketing and staging will be important to getting the most for your home. While multiple offers are still occurring for a few select properties, most other homes have to be priced strategically to get top dollar. More than ever, having a highly competent agent who knows the Livermore market will be critical to your success
Buyers: The current market is fairly balanced, especially compared to the previous few years. Prime properties are still getting a great deal of attention and even multiple offers on occasion. Being prepared to act quickly will be the key to getting the home you are looking for. Having a professional Realtor who understands the Livermore market and your own strengths as a buyer will put you in a strong position to secure the home you really want.