The Dublin real estate market continued to show strong gains in April, and the market appears to be hitting the stabilization point, at least for now. Activity was up sharply, with 50 pending sales of single family homes in April, up from a robust 44 in March. In fact, this is the first month Dublin has seen 50 pending sales since August of 2005, near the height of the market. Inventory was actually down in April as well, with 63 available single family homes at the end of April, down from 79 at the end of March and 94 at the end of February. Clearly things are looking up in the Dublin housing market. In fact, at the current sales level, there is just over 1 month of inventory in Dublin.
Prices have started to stabilize as well, as the median price per sq ft actually leveled off after a long slow descent, which could be the best news of all, especially to homeowners who have seen their home value erode steadily the past 3 years.
Average days on market for Dublin has increased again after slowing briefly in March. This is not necessarily an indication that the market is slowing, but more likely indicates that the more desirable inventory is selling quickly, and less desirable homes are being shunned.
It will be interesting to watch the Dublin market over the next few months. Certainly the combination of lower prices, lower interest rates, higher conforming loan limits, the first time buyer tax credits, and the gains in the stock market have combined to prompt buyers off their comfortable seat on the fence. And Dublin, where most of the homes are under $1 million, is well positioned to take advantage of this trend.