Homes in Alameda County are selling fast, according to recent housing stats from Realtor.com. Overall, California real estate is outselling other areas of the county. Compared to the pace of sales nationwide, California homes have the shortest days on market!
Here are the California cities with the shortest days on market:
- Oakland: 21 days on market
- Stockton-Lodi: 26 days
- Sacramento: 32 days
- San Francisco: 44 days
- Fresno: 44 days
- San Jose: 47 days
If there’s any downside, it’s the fact that our statewide home inventory remains lower than normal. This helps keep home prices up, but it prevents us from having a balanced market, which is best for long-term growth.
Some optimists are calling this a new California housing boom, but that would be inaccurate according to economist Kenneth Rosen. Rosen is the chairman of the University of California-Berkeley Fisher Center for Real Estate and Urban Economics. He predicts that the California housing market will continue to improve in 2013, but not at the skyrocket pace sellers might hope for.
The reason? Rosen says tight-fisted mortgage lending keeps 40% of potential home buyers out of the market. A mortgage market that demands perfect credit scores is not realistic, and some of our home buying activity has been supported by cash buyers. As home prices improve, it’s reasonable to expect that fewer cash buyers will be in the California market.
Rosen also speculates that future tax increases could have an effect on 2013 home sales. California has some tax hikes on the table that are separate from anything Washington might hand down.
What this means is we can expect continued improvements in Livermore Valley home values, but prices shouldn’t become a runaway train. Much depends on what happens during the Federal budget talks in upcoming weeks. Meanwhile, real estate in Livermore valley is alive and well!
Thinking of buying or selling a Livermore Valley home? Let’s talk! I will share the latest market data for your neighborhood and help you find the best opportunities. Just contact me for the latest home sale details in Livermore, Pleasanton or Dublin. I’ll answer all of your questions, and provide you with expert guidance for success!
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