There’s good news in Livermore Valley real estate this spring! According to the California Association of Realtors, median home prices statewide increased to $308,050 during April 2012. This is a 5.7% price increase from March 2012, and a 4.7% increase from a year ago. California median home prices have not been above $300,000 since December 2010.
Here in Alameda County, we are experiencing an upswing in both home prices and sales activity! The median home price increased from $425,000 in March 2012 to $456,910 in April 2012. Overall sales volume is up 12.5% from a year ago.
The days on market for an Alameda County home averaged 61.4 during April, down from 74.6 in March, and down from 69.4 a year ago.
Reduced home inventories, combined with an improving economy, have boosted home prices throughout the Livermore, Pleasanton and Dublin communities. However, we still have distressed properties on the market, and an unknown amount of foreclosures that have yet to be processed through the system. Homes will have a variety of price points depending on the unique factors involved in each local market.
There is also some urgency concerning short sales, as the Mortgage Debt Relief Act of 2007 will expire this December. Under the Mortgage Debt Relief Act, distressed home sellers are spared income tax burdens that could otherwise apply to discharged mortgage debt. Home sellers with negative equity have a strong incentive to complete their short sale transactions during 2012.
That fact, combined with recent short sale process improvements by Freddie Mac and Fannie Mae, could fuel more short sales activity this year. If you have questions about how a short sale could impact your future tax filing, visit the topic on IRS.gov and see your professional tax preparer.
When you have questions about the Livermore Valley real estate market, contact me! I have the local market expertise you can count on for Livermore, Pleasanton and Dublin! Whether you are buying or selling a home, or “just looking“, I can provide the latest market data and the professional guidance you need.
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