Livermore CA Homes for Sale | Market Update February 2017
- Pending sales up 52%
- Inventory still very low
- Low end in very high demand
Pending sales had been on the decline here since June but got a big bounce in February, increasing 52% from January. Inventory creeped higher but not nearly enough to keep up with demand, especially in the low end (homes priced under $1 million). There was less than a month of inventory in that price range at the end of February and during the month, homes in that segment sold for 102% of their list price in only 20 days, on average. Nearly 80% of sales were of homes priced under $1 million, while about half the inventory was in that segment.
70 sales went to contract during February, up from 46 in January and 66 a year ago. Inventory increased by only four units, ending February with 53 properties actively listed. That was still 29% fewer homes than were available for sale a year ago. A 0.8 month supply was on the market at the end of February, down from 1.1 months at the end of January.
February’s median sales price was $692,000, down from $731,000 in both January 2017 and February 2016. The price per square foot increased from $407 in January to $414 in February. That compares to $4040 a year ago. The average sale in February closed in 29 days for 99% of the asking price. Those are both Improvements from January’s 36 days and 98%.
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.