Dublin May Market Update - Let the Good Times Roll

It almost seems like 2004 in Dublin. Lots of new homes, lots of multiple offers, shrinking inventory, and brisk sales. Except it’s 2009, the economy is in recession, and the real estate market is in the tank, with 40%+ declines in the median home price year to year. But buyers are getting off the fence and seem to be jumping into the market in droves. The inventory of single family homes dropped to 43 homes at the end of May, down from 63 at the end of April. And pending sales rose from an already brisk 50 in April to 54 in May.

The Under $1 million price bracket is a mirror of the city overall. In fact, the vast majority of the activity is in this price range, with 36 available homes at the end of May, down sharply from 60 at the end of April. Pending sales of single family homes in May rose from 48 in April to 52 in May.

The over $1 million market in Dublin showed an increase in inventory, with 7 single family homes on the market at the end of May, up from 3. There were 2 pending sales in this price bracket in May, matching the sales in April.

Not surprisingly, the long slow descent of prices seems to have ended. In fact the median $ per sq ft has stabilized, and actually rose slightly for the first time in many months. (click on graph to enlarge)

All in all, a strong showing from Dublin, and an indication that the real estate market is stabilizing in the lower price brackets, which is good news for everyone.