Livermore CA Homes for Sale | Livermore Market Update November 2017
- Market remains hot
- Inventory at lowest level January 2014
- About two weeks supply
- Sales strong in spite of low supply
The weather may be cooling but the Livermore real estate market isn’t. It’s hard to believe that inventory is at its lowest level in nearly four years given how low supply has been the past couple of years. But that is exactly where we are. An in spite of the lack of inventory, sales remain pretty strong. While pending sales were lower in November than a year ago, they were slightly higher than in October. Homes priced under $1 million are in particularly strong demand and are selling in an average of only 18 days.
With only 30 properties actively listed at the end of November, it is likely that sales will drop in December. But they managed to eke out a small gain in November, increasing from 57 pending sales going to contract in October to 59 in November. That was with inventory at 43% of where it was at this time last year. We had 69 homes for sales at the end of November 2016 and 51 at the end of October 2017. With such strong sales and low supply, only two weeks of inventory was available at the end of November, compared to 0.9 months at the end of October and 1.0 month a year ago.
On average, homes sold in November did so in an average of 21 days and for 100% of their list price, virtually unchanged from October but markedly better than November 2016’s 31 days and 98%. The median sales price in November was $780,000 down from October’s $798,000 but higher than November 2016’s $690,000. The price per square foot also dipped, from October’s $444 to $430.
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. Inventory is very low and demand is 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 has been fairly balanced, especially compared to the previous few years but inventory is low and multiple offers much more common than in the past year. Prime properties, in particular, are getting a great deal of attention and multiple offers. 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.