Dublin CA Homes for Sale | Dublin Market Update October 2016
- Typical fall market
- Inventory falls
- Sales decline
- Homes on market longer
It was a fairly typical October real estate market in Dublin. Inventory was lower than it’s been since May and pending sales were less than any month since February. Properties are staying on the market longer and selling below their list price, on average. Demand remains healthy, though, particularly for homes priced under $1 million, where there was just over a month’s supply at the end of October. Now that the election is over, the uncertainty that has been hanging over financial markets is removed and life can go on.
The median sales price in October was $969,000, up 6% from $910,000 in September and 12% from $865,000 in October 2015. On average, homes sold for 97% of their list price in October, down from 99% in September and 100% a year ago. October’s price per square foot was $406, down from $427 in September but higher than October 2015’s $389. The average sale in October took 35 days, compared to 27 days in September and 29 days a year earlier.
53 homes were actively listed at the end of October, 17% less than at the end of September when 64 homes were on the market. That is well above the level of a year ago, when only 30 homes were available. Pending sales fell from 53 in September to 36 in October, a 32% decline. Sales were only down a little from a year earlier when 40 sales went to contract. Closed sales also fell, from 53 in September to 40 in October. A 1.5 month supply was on the market at the end of October, up from 1.2 months at the end of September and 0.8 months a year ago.
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.