Livermore CA Homes for Sale | Livermore Market Update May 2017
- Market goes hot
- Most pending sales since 2005
- Inventory down 25%
- Homes on market for only 15 days
- Selling for 100% of list, on average
After taking a brief respite in April, the Livermore real estate market heated right back up again in May. Pending sales jumped nearly a third and were at their highest level in over a decade. Inventory could not keep up and fell 25%. On average, homes sold for their asking price in only 15 days. Homes priced under $1 million saw the most action, selling for 102% of list. There was less than a two week supply of these properties at the end of May.
124 sales went to contract in May, up 31% from April and the most since 2005. Closed sales jumped 47%. Not enough sellers came to market in May to keep up with the demand, causing inventory to fall 25%, from 92 at the end of April to 69 at the end of May. That was 48% lower (67 units) than a year ago. As a result, there was only a 0.6 month supply at the end of May, compared to 1.0 month at the end of April and 1.2 months at the end of May 2016.
Homes were on the market for an average of only 15 days in May, one less than in April and three less than in May 2016
The median sales price in May was $810,000, up 8% from $649,000 in April and 12% from $725,000 a year ago. The average sale in May was for 100% of the list price, down slightly from 101% in April. The price per square foot increased 7% in May, from $408 in April to $437 in May. One year earlier, the price per square foot was $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 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.