The median home price in Livermore is certain having its ups and downs. While these numbers aren't drastic, seeing a decline isn't welcome news. Our numbers have droped 4% over last year. May to May looked promising, but June has seen that climb evaporate.
Supply has dipped a bit since last month, but is up over last year. Buyers don't see near the selection that they might want to have, but they're still calling the shots as the availability of money puts them in the driver's seat. June to June, we're a bit softer on demand than last year at 11% less.
What a spike from the previous month, as days on market has increased 55% over last year. That average time on market can be misleading too. Short sales may be in a pending status for a very long time, but may go into contract quite quickly. Foreclosed properties also experience relative low days on market. Regular sellers run a little longer that distressed sales on average. It's important for sellers to understand that at fair market value, they could be on the market quite a bit longer than was typical at this same time last year.
This chart actually follows a more expected path. In the height of the selling season it's common to see inventory levels drop as buyers are out in force. But, buyers aren't out in force right now - some are kicking tires, or sitting on the sidelines, waiting for jobs reports. Money is tighter so those in the market, know they are golden. That in mind, they often are very patient, waiting for the right house to come on the market, or for prices to come down. Buyers are out there, but aren't plentiful.
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