Livermore CA Homes for Sale | Livermore Market Update August 2016
- Market more balanced
- Inventory falls for first time since December
- Pending sales rebound
- Prices lower
- Days on market continues to rise
Although the market is more balanced and less hectic than it has been the past few years, August showed demand remains strong. Inventory fell after climbing all year and pending sales rebounded some from a sharp drop in July. Price indicators fell from July’s numbers but the median sales price remained higher than it was a year ago. The length of times homes are listed continued to climb for the fourth straight month.
After dropping 27% in July, pending sales bounced back in August with a 12% increase, from 86 in July to 96 in August. 109 sales went pending in August 2015. Inventory, after rising all year, fell 14% in August. That is more likely a seasonal trend than anything else. 139 properties were actively listed at the end of August, compared to 162 at the end of July and 129 at the end of August 2015. A 1.4 month supply was on the market at the end of August, down from 1.9 months at the end of July but higher than August 2015’s 1.2 months.
The median sales price in August was $696,000, an 8% drop from $759,000 from July but still 2% higher than August 2015’s $683,000. The price per square foot slipped 1%, from $399 in July to $397 in August. One year ago, the price per square foot was $377. The average sale in August was for 99% of the list price, down from 100% in July, as well as a year ago. That is at the low end of the range that this ratio has occupied for the past couple of years (97% – 102%).
Homes sold in August were listed for an average of 28 days, up from 24 in July and 20 in August 2015. August was the fourth straight month this number has increased from hitting its low point of only 11 days in April.
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. Although inventory is higher than we have seen in a while, 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 more favorable to buyers than we have seen in a while. However, 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.