Livermore CA Homes for Sale | Livermore Market Update July 2015
The Livermore real estate market was just treading water in July. Inventory was up but buyers seemed to be less urgent. In fact, inventory was at its highest level since October of last year. Price indicators were mixed, reflecting the lack of market direction. Adding to the typical summer snooze appears to be a general uncertainty about where things will go from here. Will interest rates increase? It seems likely that the Fed will increase short term rates. Will demand stay as strong as it has been? I believe it will, given the strength of the local economy. Will inventory ever get back to pre-2012 levels? I don’t think anyone knows the answer to that one.
The inventory of homes for sale in Livermore increased 17% in July, from 103 at the end of June to 121, right on track with the 122 properties on the market a year ago. 19 fewer sales went to contract in July (95) than in June (104), a 9% decline. One year earlier, 980 sales went to contract. Closed sales also slipped, from 120 in June to 110 in July. That was 28% more than the 86 closed sales in July 2014.
A 1.3 month supply was on the market at the end of July, up from 1.0 month at the end of June and pretty close to the 1.4 months that we had a year ago. The average sales took 20 days in June, little changed from 21 days in June and equal to a year ago.
The median sales price in July was $969,000, not much of a change from June’s $960,000 but a 7% increase from July 2014’s $650,000. July’s sales were for 100% of the original list price, down from 102% in June but the same as July 2014. The price per square foot was also lower in July; $379 versus June’s $406.
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 still a great time to be selling a home in Livermore. There is still strong demand from buyers, 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 some properties, having a highly competent agent who knows the Livermore market will be critical to your success
Buyers: Being prepared to act quickly will be the key to getting the home you are looking for. While properties are staying on the market a bit longer, and there are fewer multiple offers, prime properties are still getting lots of attention and often see multiple offers. 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.