Update for California Real Estate and Livermore Valley

Looking for direction in the Livermore Valley real estate market? Here’s the latest from the California Association of Realtors, and where we fit into the picture:

Statewide, California saw a decline in home sales last month, with January 2012 sales volume 0.6 % less than December 2011. Home prices throughout the state softened by 6.7% from December 2011.  Closer to home, Alameda County home sale prices dipped by 12% from December 2011 through January 2012.

Why the decline? In January, California experienced a surge in the number of distressed properties hitting the market.  Many foreclosures that were postponed over the holiday season were completed in recent weeks.

Additionally, now that the largest national lenders have reached a foreclosure settlement with the Federal government about their practices, we are likely to see more distressed properties leaving the shadow inventory and progressing through the system.

The impact is evidenced in the Unsold Inventory Index and the days on market.  Statewide, January’s home inventory was up to 5.5 months, after being at 4.1 in December 2011.  The days on market edged up to 61.9 from 58.7.  In Alameda County, our unsold inventory index went from 2.9 to 4.3, and the days on market widened from 82.5 to 98.5.  

Visit my Market Statistics page to see how things look for Livermore Valley!

There is a bright side to all this: California is working through the distressed property inventory at a quicker pace than the rest of the nation, per a report by TransUnion.  Also, mortgage delinquency rates are falling across the board, meaning that fewer homeowners are defaulting on their mortgages. While it will take time to return to a balanced market, the continued improvements in the national and regional economy should keep home buyers coming to the table.

This is just a small sample of the events that affect Livermore Valley real estate! If you are buying or selling a Livermore Valley home, you’ll need professional expertise you can trust! Today’s market conditions are complex and they can change quickly. As your professional Livermore Valley real estate agent, I have the local market experience you can rely on. I can help you buy or sell real estate in Livermore, Dublin or Pleasanton, so give me a call today

John Kurtzer
Your Livermore Real Estate Expert
RE/MAX Accord

Livermore Real Estate
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