Dublin CA Homes for Sale | Dublin Market Update December 2016
- Seasonal trends
- Inventory lowest of the year
- Sales fall with inventory
- Prices soften
December is typically a slow month for the real estate market and this year was no exception. Constrained inventory (the lowest of the year) kept a lid on sales (the second lowest of the year. There is reason for optimism heading into 2017. A belief that the economy will get better has consumer optimism on the rise. Demand is there for housing, so the market could pick up considerably if more sellers come off the sidelines. Interest rates appear to be set for increases, which could dampen demand a little, but that could be more than offset if the economy picks up more steam.
While only 20 homes were available for sale at the end of December, that was more than were on the market a year ago (14). December’s inventory was down 44% from November. December’s 20 homes were a supply of 0.8 months, down from 1.2 months in November but the same as a year ago. Tight supply hampered sales, with only 25 sales going to contract in December, four less than in November but seven more than in December 2015.
Homes stayed on the market longer in December, 28 days on average, compared to 23 days in November and 30 days a year ago. December’s median sales price was $880,000, 3% lower than November’s $911,000 and about the same as a year ago. December’s sales were for 99% of the list price, on average, down from 100% in December. The price per square foot increased in December, from $419 in November (as well as in December 2015) to $424 in December.
The tables below provide further details on the current Dublin CA market compared to prior periods, as well as a look at different market segments.
Sellers: It is a great time to be selling a home in Dublin. Inventory is low and demand remains strong, especially for prime properties in excellent condition that are priced right. Proper marketing and staging will be important to getting the most for your home. While multiple offers are still occurring for a few select properties, most other homes have to be priced strategically to get top dollar. More than ever, having a highly competent agent who knows the Dublin market will be critical to your success
Buyers: The current market is fairly balanced, especially compared to the previous few years. Prime properties are still getting a great deal of attention and even multiple offers on occasion. Being prepared to act quickly will be the key to getting the home you are looking for. Having a professional Realtor who understands the Dublin market and your own strengths as a buyer will put you in a strong position to secure the home you really want.