The Livermore market is hot.....well it does depend upon your point of view. The median price is certainly down a little than the same time last year. However, there are fewer homes available to purchase right now, and that can be part of the problem.
Average time on the market dropped from this same time last year. That's a common occurence when inventory is down. Buyers are competing for the same properties in many instances, and they learn very quickly that they must respond timely or miss a property all together.
This graph speaks volumes. A nearly 60% drop in inventory levels (far below 4-5 months supply which is considered normal) has created some challenges for active buyers. They're ready, willing and able but they may not have a lot of choices of homes. Listen up sellers - now is the time to get your house sold faster than we've experienced in the past couple of years - even in the past 6 months.
What we're experiencing does say that the Livermore market is hot. Buyers are finding interest rates attractive, along with the low home prices. This supply and demand graph clearly indicated that supply is less and demand is up considerably more. There will be plenty of people kicking themselves later if they don't see the opportunities this market presents.
Why do so many people ask Real Estate agents, “How’s the Market?” Because they know that information is local in nature - often hyper-local. What happens around the country may not be indicative of the state of California. Or my region – the Tri Valley. And within that region, we have different markets. My hometown of Livermore is different from neighboring Pleasanton and Dublin.
The Active Rain Corp., the largest social real estate network for industry professional recently conducted a survey – Real Estate Recover or Not, to take the pulse of agents in the field and get a sense of whether we deemed our local markets to be in a state of recovery (or not). 1835 agents participated in that survey, and the compilation results are interesting.
If you want an introspective read on your neighborhood, contact me direct for comparative market data.