The median price for attached homes has also gone up. That will be welcome news to sellers and investors who bought in the last few years, as those properties saw a lot of downward pressure as short sales and foreclosures took their toll on HOAs. Buyers continue to find these properties attractive, but their snapped up quickly when they do make it to market.
Days on market has increased in this category. Based on what we experience in the field, some of this may be based on a narrower niche of potential buyers for attached homes. For FHA buyers, some find that the complex is not FHA approved. Investors find that the HOA may be at their allowable limit for non-owner occupants. And in other cases, potential buyers learn that short sale listings could come with pricey liens for HOA dues that they are not willing or not able to pay off.
Supply is down in this category as well, by 46%. Unit sales are down by 23%, but as we’ve seen in the detached home category, this is largely due to the fact we can’t gather stats on pent up demand, just sold units.
This graph illustrates just how tough this niche is for buyers. The inventory has shrunk dramatically from this time last year, to the tune of 65%. At the current rate of sale, this means the available inventory will be depleted in 24 days unless new properties come on the market.
A 15% jump in the median home price is something you love or hate depending upon whether you are a buyer or seller. Low inventories have continued to create heavy competition for properties, bumping offer prices over the list prices. As those become new comps for a neighborhood, the next homes to go on the market use those closed sales as comps. Buyers are feeling the pressure to buy now, worried that prices may continue to go up if inventory stays low.
This graph clearly illustrates the demand, with a 42% change in time on the market since the same time last year. In the field the time a property is available for offer submission may be less than these numbers would imply. Sellers state a due date for submission, perhaps less than a week after market introduction. But then reviewing multiples, and going back and forth with counters may account for additional days until the property is marked as pending.
This graph can be a bit misleading. Supply definitely shows as down, and we know that to be true. There is 48% less supply than at the same time last year. Demand shows that it is less as well. But demand is expressed as units sold. If there are fewer units available and buyers are getting beaten out at the offering table, then those buyers are still out shopping and making offers. Ask any agent working in the Tri Valley Market right now. The demand is THERE!
The month’s supply of inventory is down 75%. That’s an incredible difference, and buyers in the market right now are feeling the pinch. Also expressed as absorption rate, this means that at the previous month’s rate of sale, the supply will last less than 30 days. All of you would be sellers, this is the time to find a buyer for your property.
It’s always interesting to see the full spectrum of sales in a given month. As most are aware by now, inventory is very, very low. Here’s how the stats stack up.
The lowest price home sold in Livermore during April was a manufactured home at 277 N. I St. for $122,260. Three bedrooms, 2 bathrooms in the old North side of Livermore, it was a bank owned home through HUD, and went pending within 2 days of entry on the MLS.
The highest priced home was one story in the Sevillano subdivision, built in 2003. It features 4 bedrooms, 3.5 bathrooms. At 3702 sq. ft and a lot size of 12,500 this South Livermore beauty at 2219 Minerva Ct. sold in just 5 days at $1,149,000.
Supply of condos and townhomes in Livermore has drastically dropped as First Time Buyers and Investors have scooped up the on the many deals that existed with short sales and foreclosures. Now that the supply has been virtually depleted, these homes go pending quickly and prices are on the uptick. More market reports…. (more…)
The median sold price for Detached Homes in Livermore shows some volatility. But it is much more a condition of what’s available for sale, than home price fluctuations. Compared to the same time last year, we’re within 1%. But you can see the swings from Jan-Feb, then Mar-Apr which paint rather an unusual picture. On inspection of the detail, the difference between April of last year to this is just $4250 – not much of a swing at all. Continue to more market reports. (more…)
Livermore CA Market Update |Single Family Homes – 2011
The Livermore residential real estate market for 2011 doesn’t show any drastic swings over the previous year, but there are some trends to note. Those ingreen are an improvement over 2010; those in red are not as positive.
The good news though is current active Livermore listings show 40% distressed properties (bank-owned and short sales) which is quite a bit lower than in Alameda county as a whole (53%). Interesting to note though – 50% of all units sold in 2011 were distressed properties, illustrating that buyers are not shying away from these purchases, but rather seeking them out for their perceived value.
The chart for attached home sales does not at all follow those of detached. December showed the most activity. When you see the composition of sales types (REOs, short sales and regular sales), it seems as if there was a push to get some of these non-performing assets off the books. This has also been a popular property type for investors. Rents have increased, so some properties are cash-flowing right from the start.
The number of REO’s sold (bank owned properties) was fairly consistent quarter to quarter. Short sales were more plentiful than bank owned properties for both the first and last quarters.
Looking at the numbers by quarter shows a fairly consistent sale pattern, with a jump at the end of the year.
· Least expensive: $92,610 – This 1 bedroom, 1 bath condo was an REO, built in 1970.
· Most expensive: $2,600,000 – 4 bedroom, 3 bath home on 12 acres, currently used as a horse property. The real value for this property was it’s development potential
· Lease expensive: $98,000 – This 1 bedroom, 1 bath condo was an REO, built in 1972.
· Most expensive: $3,000,000 – 6 bedroom, 6 bathroom home in Ruby Hills. This one sold in just 2 days! (more…)
Last year, last quarter had the second highest sales activity, which was a little unusual. It was in part due to the ‘regular’ spring sellers moving their purchase time forward. Many of those were first time buyers, taking advantage of tax incentives and others in California were for new construction incentives. (more…)