Livermore CA Homes for Sale | Livermore Market Update October 2016
- Inventory down 20%
- Pending sales decline 9%
- Prices soften
- Days on market little changed
Autumn is with us, and as usually occurs in real estate that means less inventory, steady demand and potentially softer prices. Demand remains strong here, especially for homes priced under $1 million, where there was less than a month’s supply at the end of October and homes are selling very close to their list price. Moving past the uncertainty created by the election may help the market as we move forward.
Inventory fell for the third straight month and October ended with 107 actively listed homes, 17 less than at the end of September, a 20% drop. 107 homes for sale was the same number here a year ago. Pending sales fell from 97 in September to 88 in October, compared to 83 during October 2015. Closed sales also declined, from 102 in September to 96 in October. A 1.2 month supply was available at the end of October, slightly less than September’s 1.4 months and October 2015’s 1.3.
Homes sold, on average for 98% of their list price in October, down from 99% in September and 98% in October 2015. The median sales price declined $8,000, from $708,000 in September to and even $700,000 in October. October’s price was 8% higher than October 2015’s $649,000. The price per square foot also fell in October, from $412 in September to $408. October’s price per square foot was 4% higher than a year ago. There was little change in the time homes were on the market. October’s average sale took 29 days, compared to 28 days in September and 30 days a year ago.
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.