The Dublin real estate market continued to shine in August, with inventory dropping and sales rising. Inventory dropped in August, with a mere 37 single family homes on the market at the end of August, down sharply from 56 at the end of July. This is the lowest inventory level in well over 2 years. In fact, at the end of August 2007 there were 164 homes on the market in Dublin. Pending sales rose sharply as well, with 46 pending sales of single family homes, up from 29 in July. This is less than a 1 month supply of homes on the market, and indicates a market that is very strong, with multiple offers common, especially in the newer areas such as Dublin Ranch.
A look at the median days on market for Dublin shows a sharp decline. Currently, median days of market is under 40 for Dublin, down from over 85 earlier this year. Again another indication of the strength of the market in Dublin.
A look at the median price per sq ft also shows the stabilization of prices in Dublin recently after continued declines late last year and early this year. The median price per sq ft in Dublin is around $285.
With inventory at low levels, expect to see continued stabilization as we enter the Fall. Sales may decline due to seasonal factors, as well as lack of inventory. Certainly the Dublin market has shown remarkable strength in the last 4 or 5 months.