Dublin Market Update - Seems like old times

The Dublin real estate market in March was charmed. Sales activity was up sharply, and inventory actually declined. In fact, Dublin had the best month since May of 2005, with a whopping 44 pending sales for single family homes. Is it the luck of the Irish, or a signal that we are at or near the bottom of the real estate market? Only time will tell, but March was definitely encouraging. The 44 pending sales was up from 27 in February. Inventory of single family homes in Dublin decreased from 94 to 79.

All of the pending sales were for properties under $1 million. There were 8 homes for sale over $1 million in March, but no pending sales in this bracket. The continued low interest rates and aggressive pricing on homes, especially short sales and foreclosures, helped get buyers off the fence and into contract. Indeed, the median price per sq ft in Dublin continued to slip, indicating that buyers are still demanding value (and getting it for the most part).

Average days on market dropped momentarily, but rose again during March, staying at just over 120 days.

All in all, Dublin continues to perform well in the current market, thanks to a lower price range in general and a large percentage of distressed sales which are attractive to buyers. We could be in for a very strong Spring market in Dublin.