Dublin CA Homes for Sale | Dublin Market Update February 2016
The Dublin real estate market is slowly climbing out of the winter doldrums. Both inventory and pending sales have increased the past two months. While inventory remains low, it is higher than at any time since July and more homes were for sale at the end of February than a year ago. While demand was greatest for homes priced under $1 million, there was also strength in the $1 million-plus segment. Prices also showed resilience, with every market indicator rising. In fact, the median sales price was $1 million, the first time it has reached that level.
Inventory increased 57% in February. Before we get too excited by that, realize we were starting with only 23 homes for sale at the end of January, so a 57% increase was only 13 units. That is still a nice increase for this time of year and, as mentioned, inventory was higher than it has been since July. Pending sales increased a more modest 17% or four units, from 23 in January to 27 in February. Closed sales fell for the second straight month, a trend that will reverse itself in coming months with the increase in pending sales. Dublin had a 1.3 month supply at the end of February, up from one month at the end of January.
February’s median sales price of $1 million was the highest ever here. The previous high was $950,000, set in April 2015. February’s median was 21% higher than January’s $825,000 and 22% higher than February 2015’s $817,000. The average sale in February was for 100% of the list price, up from 98% in January. The price per square foot also increased, from $398 in January to $404 in February. That was also 12% higher than a year ago.
Another sign of the growing strength in the market was the fact that the length of time homes were on the market decreased in February. February’s closed sales were listed for an average of 30 days, down from 49 days in January and 51 days 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. Inventory is very low and there is still strong demand from buyers, 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 some properties, having a highly competent agent who knows the Dublin market will be critical to your success
Buyers: Being prepared to act quickly will be the key to getting the home you are looking for. While properties are staying on the market a bit longer, and there are fewer multiple offers, prime properties are still getting lots of attention and often see multiple offers. 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.