California Home Sale Prices Continue to Climb!

Livermore Home PricesCalifornia home prices continued to climb during December 2012, according to the California Association of Realtors! The median price of a California home increased 5%  from November to reach $366,930 in December. This is a 27%  price increase from December 2011.

Shrinking home supply remains the big issue in California real estate. The unsold inventory index, an indicator of market supply, declined to 2.6% in December. This is a further reduction from the November index of 3.1%. A year ago, the index stood at 4.3%

Alameda County’s median home price was $529,910 as of December 2012. This is a price gain of 5.2% from November, and a gain of 17.8% from December 2011.

Livermore is experiencing these same trends. If you look at the Livermore home sale statistics on my website, you’ll see that the average home sale price for the last 30 days was $473,586, with homes spending an average of 34 days on market. Our home inventory vs. our rate of sales absorption creates less than 1 month of supply. You can’t slice it much thinner than that! Our list-to-sales ratio is 100.8%, meaning that Livermore home sellers are getting their full asking price, and then some.

What’s behind the disappearing home inventory? A perfect storm of increased buyer demand from an improved economy, a reduction of distressed properties hitting the market, a lack of new construction, and homeowners who cannot yet afford to sell. In short, there is no quick fix for the lack of inventory. Until more California homeowners recover equity, home supply will remain limited.

There is some hope for relief on the horizon, as banks prepare to release long-held foreclosures to the market, and home construction starts pick up. But until we see balance in our home supply, home buyers in Livermore and throughout California will find themselves in competition for the listings that are available.

Our home market in Livermore Valley needs more homes for sale! If you are a California homeowner, you could be looking at the best opportunity to sell your home that we’ve seen in years. As your Livermore real estate expert, I will provide you with a comparative market analysis and all the facts on recent home sales. I’ll show you a net sheet that estimates your proceeds, so that you can make a fully informed decision. There is never any pressure to sell – I give you the information, and the decison is yours to make!

Contact me today for your free, no-obligation home selling consultation in Livermore, Pleasanton or Dublin!

John Kurtzer
Your Livermore Real Estate Expert
RE/MAX Accord

Livermore Real Estate
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