Dublin CA Homes for Sale | Dublin Market Update August 2016
- Prices decline
- Inventory down – first since December
- Pending sales steady
- Days on market slowly climbing
August continued the trend we have seen toward a more balanced market, one not dominated by multiple offers on every home and overly aggressive bidding. This is a more balanced and “normal” market than we have seen for a few years. One good indicator of that trend is that inventory is nearly double what it was a year ago. Also, homes sold in August for 99% of their average list price. This ratio has been (for the most part) between 100% and 103% for the past year and a half. Other price indicators fell as well.
The median sales price in August was $928,000, off4% from $970,000 in July but still 10% higher than a year ago. August’s price per square foot was $411, down 4% from July but equal to August 2015’s. The sales price to list price ratio dipped from 102% in July to 99% in August, compared to 100% a year earlier. Homes are staying on the market a bit longer as well. August’s sales were listed for an average of 20 days, up from 17 days in July and 18 days a year earlier.
63 homes were actively listed at the end of August, 10 less than at the end of July but 29 more than a year ago. Pending sales increased by one unit to 52 in August. 38 sales went to contract in August 2015. A 1.2 month supply was on the market at the end of August, compared to 1.4 months at the end of July and 0.9 months at the end of August 2015.
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 still a great time to be selling a home in Dublin. Although inventory is higher than we have seen in a while, 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 more favorable to buyers than we have seen in a while. However, 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.