Dublin CA Homes for Sale | Dublin Market Update July 2016
- Inventory continues eight month climb
- 5 month supply
- Pending sales steady
- Prices steady
- Days on market remains low
Since bottoming out at 14 homes in December, inventory has been on a steady rise. Much of this year has been spent with less than a month’s supply of homes for sale, a clear sign of a seller’ market. That changed last month as inventory continued to increase while sales fell. We ended July with a 1.5 month supply. Prices remained steady, with homes priced under $1 million seeing the strongest demand and selling the fastest.
There is no doubt that the market feels different lately, and in many ways, the statistics bear that out. Activity has slowed, as have the price increases. But prices are still increasing year-over-year and homes are still selling quickly. We are just seeing a more balanced market than we have become accustomed to for the past few years.
Inventory increased 14% in July, from 64 homes at the end of June to 73 at the end of July. That was nearly double the level of a year ago (38). Pending sales were steady at 50, one less than in June and 10 less than in July 2015. The supply of homes for sale relative to pending sales best illustrates the recent change in supply and demand. A year ago, we had a 0.6 month supply of homes for sale. July ended with a 1.6 month supply. Closed sales fell from 55 in June to 44 in July, which were 20 less than closed in July 2015.
July’s median sales price was $970,000, 2% or $15,000 lower than in June and only 1% higher than July 2015’s $970,000. The price per square foot increased in July, from $414 in June to $424. That compares to $395 a year ago. The sales price to list price ratio also increased in July. The average home sold for 102% of the asking price in July, compared to 101% in June, as well as a year earlier.
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.