Livermore Market Update
January 24th, 2008 Categories: Livermore Real Estate, Market Update, Uncategorized
The results are in as as expected and 2007 was a rather disappointing year in comparison to recent years. No surprise that total sales in 2007 for Livermore was down 26% from 2006. What is surprising is the strong downward movement in the median sales price from $660,000 in July 2007 to $545,000 in December 2007. Inventory levels are down considerably from the fall which is normal for this time of year. Good news is the absorbsion rate (pending sales under contract compared to active inventory) is down to 9 months from 14 months in September 2007. The next 4 weeks will give us a good clue on how these numbers will point the direction of the market this coming new year. Keep watch for future updates.
A little dated from October 2007 is the California Association of Realtors forecast for 2008 (pdf file of 114 pages) which does offer some fabulous statistical information on the Real Estate market during the 1980’s and 1990’s with comparisons of inventory levels (18 months in 1992) and median sales price (under $200,000 in 1997) through 2006. It does give a great perspective on where the market has been in the past and what we may expect in the future. We will digest some of this information in future updates. The good news for now is that this is a great time to buy your first home or move up to that dream home and that even with these lower price levels Sellers have come a long way in the last 10 years.
Livermore December 2007 Statistics
California Association of Realtors 2008 Forecast
