We are approaching the Spring selling season here in Dublin, CA and the real estate market looks like it is heating up again. There are few homes on the market and they are going pending fast. As of this writing, there are 40 single family homes on the market with a median time on market of just 15 days and median list price of $1,027,000.
Looking at pending sales, there are currently 34 single family homes pending sale with a median time on market of just 12 days. This means the market looks to be hot again this spring. I think many people are looking to get in before the Fed increases rates. I recently submitted an offer for a client in the $900k range and they had multiple offers and went pending for significantly over asking.
The Dublin real estate market never ceases to amaze me, you think it might slow down but it hasn’t so far.
In January 2014 the to date average days on market is 21. However, average days on market has been going up. In Dec. 2013 it was 28 days and in Jan. 2014 it went up to 39 days. This doesn’t say a whole lot because just 1 or 2 homes that have been on the market for a long time (like the ones well over $1million) will skew the average days on market. Homes in the “sweet spot” of under $850k sell very quickly. Median sales price was $685,000 in Dublin for detached single family homes in January. This is down from December 2013 when median price sold was $848,000. To me, average price is more telling because it gives an overall view of the market, whereas median price just tells you the price that was in the middle. It just depends on what kind of homes happened to sell that month. That being said, average sales price in Dublin for single family homes was $787,931 in January.
Interestingly, average price per/sq. ft went up to $369 from $360 in Dec. 2013. There is only about 1 month of inventory in Dublin right now, which is quite low. Homes are selling for an average of 99.12% of list price now. This will be an interesting stat to keep track of. Last July homes were selling for an average of 105% of list price. As of this writing, there are 39 single family homes active on the market with an average price of $1,098,000.
Although we are well into Fall and headed toward Winter, buyer demand in Dublin, CA remains strong. Currently, there is only one month of inventory available. As you can see from the graph below, homes sell for 100% of list price in Dublin. Days on the market for detached single family homes is about 19 year to date. As of the end of October 2013, there were 35 active homes on the market, 49 pending and 38 sold, with average selling price of $798,000 for detached homes. However, the market is slower than it was this past summer. Inventory is down to 35 active homes compared to 55 in August. Average days on market is up to 26 compared to 12 days in August. (click on images to make larger)
As of today, average 30 year fixed loans are 4.38%, which is higher than this year’s low but still good. It will be interesting to see how the market responds in 2014.
For those of you interested in the housing market trends in Dublin, CA here is what’s happening as of August 2009. Data was obtained from Bay East Assoc. of Realtors.
Median Sold Price Per Month
August 08 vs. August 09: The median price is down 17% from $657,200 to $543,000 for ALL housing types. However, based on the chart below it appears median price has begun to stabilize.
The Number of Sold Properties by Month
August 08 vs. August 09: The number of sold properties is down 12%. As you can see from the below graph the numbers are up and down each month and there is no clear trend established.
The Number of Properties For Sale by Month
August 08 vs. August 09: The number of houses for sale is down 47%. This may help to explain the declining sales numbers- much less inventory!
The Number of Under Contract Properties by Month
August 08 vs. August 09: The number of under contract properties is up 115%! Although the number of sales is down overall from August 2008, it appears the trend may be going up since the number of under contract properties has increased by 115%- a significant increase.
The Average Days on the Market by Month
August 2008 vs. August 2009: The average days on the market is down 9%. This makes sense since the number of homes in contract has gone up 115% from Aug. 2008 to Aug. 2009.
Months Supply of Inventory
August 2008 vs. August 2009: The average months of supply inventory is down 84%. In August 2008 there was over 7 months of inventory and in August 2009 there is just over 1 month of inventory. This is also a significant change.
Due to significantly reduced median prices from August 2008 in addition to currently low interest rates, homes in Dublin have become much more affordable. Although the number of sold homes in Aug. 2009 is down from August 2008, the trend appears to be going up since number of homes in contract is up significantly and inventory and days on market is down significantly. It appears buyers are taking advantage of the lower prices and interest rates and also taking advantage of the federal first time homebuyer’s credit. Will this trend continue? I’d love to hear your thoughts!