Dublin CA Homes for Sale | Dublin Market Update May 2017
- Inventory drops 41%
- Pending sales rise 19%
- Two week supply
- Only 14 days on market
- Homes sell for 102% of list price
The Dublin real estate market is hot. With only a two week supply available, buyers are moving quickly; snatching up homes in an average of only two weeks. Inventory, which made nice gains in April, dropped back down to January-February levels. Pending sales, on the other hand were the highest we have seen in two years. Furthermore, homes priced over $1 million continue to account for more of the activity. 70% of the city’s inventory and half of pending sales were in this segment in May.
Only 33 homes were available for sale at the end of May, a 41% fall off from April’s 56 and 38% below May 2016’s 53. Pending sales increased from 47 in April to 56 in May, a 19% rise. May’s sales were equal to the number of a year ago. Those changed dropped the supply from 1.2 months at the end of April to 0.6 months at the end of May. That compares to May 2016’s 0.9 months.
On average, homes sold in May, did so for 102% of their list price, compared to 101% in both April of this year and May of last. May’s price per square foot was $453, up 6% from $426 in April and 10% from $412 a year earlier. The median sales price fell 8% from $1,034,000 in April to $948,000 in May. However, April was a record high median sales price.
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 very low and demand is 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 has been fairly balanced, especially compared to the previous few years but inventory is low and multiple offers much more common than in the past year. Prime properties, in particular, are getting a great deal of attention and multiple offers. 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.