Livermore Market Update Nov 2009 – Inventory Falling, Sales Strong

The Livermore real estate market saw the inventory of single family homes continue the slide it has been on since mid 2007. The inventory at month end November was 134 single family homes, which is the lowest level in Livermore since early 2005. There was about 1.5 months worth of inventory in Livermore in November.

Pending sales, on the other hand, remained high at 88 single family homes. That is an increase of three over October’s pending sales but lower than the high for the year of 104, set in June and August. Pending sales have not been this high since 2005. It does not appear that the low inventory level is affecting sales at the moment but that is likely to change if the inventory continues to shrink. It’s difficult to sell homes that aren’t on the market.

All Livermore Single Family Homes
Inventory Vs Pending Sales Nov 09

Single family homes priced below $1 million make up about 83% of the inventory in Livermore and 95% of pending sales. Inventory in this segment was 109 single family homes at the end of November, compared to October’s 145 and the 298 homes listed a year ago. Pending sales remained the same at 84. The high for the year was 100, again set in June and August.

Livermore Single Family Homes Under $1 Million

Inventory Vs Pending Sales Nov 09

The inventory of single family homes priced greater than $1 million remained unchanged from October, at 25, which is up from 22 in September. However, it is down significantly from the 53 such homes listed a year ago. Pending sales matched the high for the year of four single family homes, up from October’s one pending sale.

Livermore Single Family Homes Under $1 Million
Inventory Vs Pending Sales Nov 09

Overall for Livermore, single family homes priced under $1 million make up the lion’s share of the market. Pending sales remained very strong and inventory continued it’s long decline. It is unlikely that the trend of low inventory will change much until we head towards spring. The continuation and expansion of the first time buyer tax credit and low interest rates should keep sales activity strong as we head into the New Year.