Livermore CA Homes for Sale | Livermore Market Update February 2016
The Livermore real estate market started to wake up from its winter hibernation in February, with increased sales and inventory. The number of homes for sale increased faster than sales, a good sign in a market desperate for more inventory. Even more encouraging, was that the bulk of the increase in inventory was in the lower end of the market, where demand is the highest. The median sales price increased for the fourth straight month and homes sold for 100% of their average list price for the first time since September.
February’s median sales price was $731,000, a 2% increase from $720,000 in January. February’s median price was also 19% higher than February 2015’s $614,000. On average, homes sold for 100% of their list price in February, up from 99% in January but lower than a year ago when sellers received 102% of their asking price. The price per square foot was the one price indicator that fell in February, from $428 in January to $405. That was still 8% higher than a year ago.
75 properties were actively listed at the end of February, 20 more than at the end of January and six more than a year earlier. Pending sales increased 10%, from 59 in January to 65 in February, which was still lower than February 2015’s 77. Inventory relative to pending sales increased to 1.2 months at the end of February from 0.9 months at the end of January and 0.9 months a year ago. Homes were listed for an average of 32 days in February, slightly less than February’s 34 days but significantly more than February 2015’s 19 days.
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. Inventory is low and there is still strong demand from buyers, 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 some properties, having a highly competent agent who knows the Livermore market will be critical to your success
Buyers: Being prepared to act quickly will be the key to getting the home you are looking for. While properties are staying on the market a bit longer, and there are fewer multiple offers, prime properties are still getting lots of attention and often see multiple offers. 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.