Livermore CA Homes for Sale | Livermore Market Update March 2017
- Market is hot
- Pending sales up 40%
- Only a two week supply
- Homes on market only 16 days
- Prices rise
Livermore had one of the hottest real estate markets in the area in March. Demand was very strong and there was a great deal of activity. Even though inventory increased 13% from February, pending sales increased significantly more (40%). The result was that there was just over a two week supply of homes for sale at the end of March. The median sales price increased 9% and, on average, homes sold for 102% of the list price.
Inventory increased from 53 homes at the end of February o60 at the end of March. That was still only 60% of the available homes for sale a year ago. Pending sales jumped 40% in March, from 67 in February to 94, the same number as in March 2016. Closed sales increased 67%.
The strong demand meant brisk sales, as homes that sold in March did so in an average of only 16 days, compared to 29 days in February and 31 days a year ago. Prices increased along with the demand. The median sales price in March was $755,000, 9% higher than February’s $692 and equal to the price a year ago. Sales closed for an average of 102% of the list price in March, compared to 99% in February and 100% in March 2016. The price per square foot was little changed at $416.
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.