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The real estate market cooled off somewhat over the past two months. Back in March, pending sales took a big jump while inventory remained relatively stable. However, pending sales slipped in both April and May, while inventory ticked upwards. Homes priced under $1 million, which made up 85% of inventory and 95% of pending sales at the end of May, showed the way.
Overall, inventory increased from 169 single family homes at the end of March to 186 at the end of April before sliding back slightly to 181 at the end of May. Pending sales, which had jumped 42 units to 120 at the end of March, fell to 110 at the end of April and 107 at the end of May. May’s pending sales figure was a 10% drop from March’s number. As a result, there was 1.7 months of inventory relative to pending sales at the end of May compared to 1.4 months at the end of March.
All Livermore Single Family Homes
Inventory Vs Pending Sales May 2010
Homes priced under $1 million made up the vast majority of inventory and pending sales in Livermore. Inventory went from 147 single family homes at the end of March to 164 at the end of April and 153 at the end of May. Pending sales, meanwhile, fell from 117 at the end of March to 106 at the end of April and 102 at the end of May. Month-end May’s inventory represented 1.5 months available homes relative to pending sales, versus 1.3 months at the end of March.
Livermore Single Family Homes Under $1 Million
Inventory Vs Pending Sales May 2010
Both inventory and pending sales increased in the over $1 million segment. Inventory increased from 22 single family homes at the end of March and April to 28 at the end of May. Pending sales increased by one in both April and May, from three in march to four in April and five in May. There was 5.6 months of inventory in this segment relative to pending sales at the end of May, compared to 7.3 months at the end of March.
Livermore Single Family Homes Over $1 Million
Inventory Vs Pending Sales May 2010
The end of the federal tax credit for homebuyers appears to be having an effect on the Livermore market. We’ll watch and see how the market reacts as we move into summer.
Livermore Market Update May 2010 – Market Softens