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.
Summary
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!