Livermore CA Homes for Sale | Livermore Market Update June 2016
- Inventory and sales rise for sixth straight month
- Inventory highest since February 2012
- Average sales price less than list price for first time since January
- Other price indicators steady
The Livermore real estate market appears to be softening as inventory is higher than at any time in over four years and more homes are selling below the asking price. There are still many active buyers out there however, evidenced by the fact that pending sales were their highest since May of last year. With the increase in inventory, buyers are being more selective and we are seeing fewer multiple offers. The average time on the market had been under 20 days since March but rose to 21 days in June. Less than 20 days is often considered to be a hot market.
Inventory increased from 136 at the end of May to 151 at the end of June, an increase of 11%. June’s supply was also 47% higher than a year ago (103). 124 sales went to contract in June, up from 114 in May and 105 in June 2015. Inventory relative to pending sales was unchanged from May at 1.2 months. There was a one month supply a year earlier. Closed sales jumped 18%, from 93 in May to 110 in June. 120 sales closed in June 2015.
The average sale in June was for 99% of the list price, down from 100% in May and 101% a year ago. The median sales price increased $10,000 to $735,000 in June. That was 7% higher than June 2015’s $690,000. The price per square foot also managed a small increased, form $405 in May to $408 in June, compared to $496 in June 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 a great time to be selling a home in Livermore. While inventory has increased and buyers are being somewhat cautious, there is strong demand, 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 many 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. Prime properties are getting a great deal of attention and multiple offers. The result is that they don’t stay on the market long. 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.