Livermore CA Homes for Sale | Livermore Market Update July 2017
- Inventory less than half of year ago number
- Pending sales impacted by low supply
- Sales not falling as fast as inventory
- Prices flat
If you want a good indication of the strength of demand for real estate in Livermore, just look at the sales numbers relative to supply. While inventory was less than half the level of a year ago, pending sales were up 6%. 87 fewer homes were on the market but pending sales still rose. Furthermore, homes sold in only 17 days on average. 20 days is generally considered to be a hot market. Somewhat surprisingly, we are not seeing as much upward pressure on prices as we might expect given the supply/demand dynamic here.
The median sales price dipped slightly in July, from $805,000 in June to $797,000 in July. That was still 5% higher than a year ago. Homes sold in July for an average of 101% of their asking price, unchanged from June. The price per square foot was also unchanged at $428.
77 homes were available for sale at the end of July, down from 80at the end of June and 162 at the end of July 2016. That was drops of 4% and 52% from June and a year ago, respectively. 91 sales went to contract in July, seven less than in June, a 7% drop. 86 sales went pending in July 2016. Supply relative to pending sales remained unchanged from June at 0.8 months, compared to 1.9 months a year earlier.
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 very low and demand is 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 has been fairly balanced, especially compared to the previous few years but inventory is low and multiple offers much more common than in the past year. Prime properties, in particular, are getting a great deal of attention and multiple offers. 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.