Dublin CA Homes for Sale | Dublin Market Update May 2016
- Market was hot in May
- But there are signs of slowing
- Pending sales up 14%
- Median sales price tops $1 million for the first time
- Inventory at highest level in 18 months
- Homes on market an average of only 16 days
While homes for sale in Dublin increased by only three units in May, inventory was still higher than at any time since October 2014. Pending sales increased as buyers took advantage of the increased supply. And for the first time, ever, the median sales price topped $1 million (it was exactly $1 million back in February). While the average closed sale in May was on the market only 16 days, buyers were more cautious. The pace was less hectic and the number of offers was lower, even for attractive, well priced properties. While the market is likely to remain strong through the summer, it will probably not be as frantic as it was last summer.
56 sales went to contract during May, up 14% from 49 in April but four less than May 2015’s 60. Closed sales increased by three to 46 in May. Inventory also increased by three units to end May at 53, which was three more than a year ago. Inventory relative to pending sales ticked down, from 1.0 month at the end of April to 0.9 months at the end of May. A 0.8 month supply was available a year earlier. On average, properties were listed an average of 16 days in May, down from 23 in May and 29 a year ago.
May’s median sales price was $1,018,000, up 16% from April’s $880,000. That is the highest median sales price ever recorded her for a calendar month. One year ago, the median sales price was $932,000. Other price indicators fell in May. The price per square foot was $411, down from $429 in April but well above May 2015’s $401. The average sale in May was for 101% of the list price, down slightly from 102% in both April of this year and May of last.
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 remains low and there is 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 many 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. Prime properties are getting a great deal of attention and multiple offers. The result is that they don’t stay on the market long. 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.