Livermore CA Homes for Sale | Livermore Market Update July 2016
- Market more balanced
- Still strong
- Inventory continues to rise
- Pending sales off 27% from June
- Price indicators steady
The real estate market in Livermore is more balanced that we have seen the past few years. Demand remains strong and homes are still selling quickly. It’s true that the pace of activity has slowed but not to the point where the market is soft or could be considered a buyer’s market. Buyers are being more cautious and are willing to take more time but homes are still moving well. We all become so accustomed to double digit year-over-year price increases that the single digit gains of the past few months seem low. By every indication, the market remains very healthy.
Normally, homes selling for their list price and in an average of 24 days (July’s numbers) would have everyone feeling like we are in a strong market. We just got used to homes selling a bit faster than that and for well over the list price. The current market provides great opportunities for both buyers and sellers.
June’s median sales price of $759,000 was 5% higher than in June and 9% higher than a year ago. The average sale was for 100% of the list price in July, unchanged from June, as well as from July 2015. The price per square foot dipped to $399 in July form $10 in June. July was still 5% over that of a year earlier. July’s sales took an average of 24 days, two more than in June and four more than a year ago.
Inventory has been climbing all year and stood at 162 homes at the end of July, 11 more than at the end of June and 41 more than a year ago. Pending sales fell from their high for 2016 of 121 in June to 88 in July. 98 sales went to contract in July 2015. A 1.8 month supply was on the market at the end of July, up from 1.2 months at the end of June and at the end of July 2015.
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.