St. Patricks Day marks the beginning of the spring real estate season.
I get asked daily some variation of "how's the market" or "have our prices hit their peak and are we headed for another crash?" I'll answer that in a bit, but first lets look at the numbers. Today we'll focus on Single Family Homes in Livermore.
A. Inventory Stats
- 68 homes currently for sale, 106 pending sales, 70 sold in the last 30 days
- least expensive active home is $625K, the most expensive is $7.9 million
of these 68, 45 are listed for under $1 million (23 over), median price is $827K (meaning half are listed under $827K, half over $827K)
- So, are we in another bubble market? Nationally, we likely will see a correction in the next 12-24 months. Locally, that's not likely. I talk to agents all around the country, and here's what I hear - the rise in interest rates are affecting lower priced markets (especially homes under $200K). So far the rise in interest rates have had virtually no affect on our market, in large part due to the local economy (including Silicon Valley) being so strong.
- As we head into spring, expect more inventory, but also more buyers. The good news for sellers is, most Livermore homes are at their absolute peak values right now. And for buyers, Livermore is still a bargain relative to the rest of the bay area.