Low Inventory of Homes for Sale Challenges California Market

Livermore Valley home sellers, take note: we have more buyers than homes! The 2012 Annual Market Survey, conducted by the California Association of Realtors®, shows that low home inventory is an issue throughout the state.  The situation continues to feed bidding wars among California home buyers, with 57% of home sales attracting multiple offers during 2012.

If you’re a home seller in Livermore Valley, this is a happy problem!  However, real estate professionals statewide are concerned that  a prolonged lack of supply could affect the pace of the housing recovery. It’s no secret that many sellers are holding out for higher prices. But if buyers give up before sellers see the price levels they want, nobody wins.

Understandably, there’s close attention being paid to home buyers! Here’s what the 2012 Market Survey says about California buyers:

  • 30% of home buyers paid cash.
  • 17% of home buyers were investors.
  • 40% of first-time home buyers are choosing bank-owned properties or short sales.
  • 35.8% of home buyers are first-time buyers, up from 34.2% a year ago.
  • 5.8% of buyers were from other countries, with China and Canada leading the group.

On the average, the days on market for a California home are half of what they were a year ago. 2012 traditional home sales have a median of 32 days on the market. Distressed properties are also moving faster, with short sales averaging 90 days on market during 2012, as opposed to 141 days a year ago.

To compare that to our local area, the days on market for homes in Alameda County are running about half of what they were a year ago; two months on the market instead of four.  There is great variety in the days on market throughout our county. What you find in Oakland is not necessarily true for Livermore, and so on.  While the survey is helpful, your best guidance will always come from local data – supplied by your local, experienced real estate professional! (Me!)

If you’re thinking of selling your Livermore Valley home in the upcoming months, it’s time to start making plans.  Let me show you the latest market data for your neighborhood! Please contact me for a comparative market analysis in Livermore, Pleasanton or Dublin. I’ll answer all of your questions, and provide you with expert marketing strategies to help you succeed!

John Kurtzer
Your Livermore Real Estate Expert
RE/MAX Accord

Livermore Real Estate
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