Did you know that the current average listing price of a Livermore home is $1,068,938? The real estate market continues to charge ahead, with a list-to-sales ratio of 100.2%.
We can credit some of the market activity to continued low mortgage interest rates, an improved employment picture, and a scarcity of homes on the market. But the reduction of distressed home inventory is the biggest story in California home sales.
The California Association of Realtors® reports that equity sales continue to gain market share statewide. Traditional home sales in California for October 2012 were 63.4% of the market. This is the highest level of equity sales since June 2008!
Distressed home sales, consisting of bank-owned property and short sales, represented 36.6% of the market.
Within the distressed sales, there is a ratio worth following between bank-owned homes and short sales. Bank-owned homes accounted for 11.8% of the distressed market in October 2012. Meanwhile, short sales accounted for 24.4% of the market and continue to gain ground as foreclosures shrink.
This matters because short sales are based on current market value, whereas foreclosures are usually discounted. Short sales are not as harmful to surrounding property values, and so watching this ratio trend in their favor is encouraging.
There are a few concerns on the horizon, including the much-publicized “fiscal cliff”, and the pending expiration of the Mortgage Debt Relief Act of 2007. Industry trade groups are doing heavy lobbying to make sure the importance of a healthy housing market is not forgotten by lawmakers.
Meanwhile, our home market in Livermore Valley needs one more thing to sustain growth – namely, more homes for sale! Now is the time to make your home selling plans for 2013! As your Livermore Valley real estate professional, I will provide you with a comparative market analysis and all the facts on recent home sales. I will also provide you with an expert marketing strategy to sell your home quickly and for the best possible price.
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