Dublin October Update - Market Remains Hot (Again)

In spite of (or because of) the tight inventory, the Dublin market remained very strong in October. Pending sales for the month increased to 35, from 30 in September, a 17% increase. A year ago there were 21 pending sales in October. Inventory remained tight but increased to 41 available single family homes at the end of October, up from 30 in September. This is way off inventory levels of a year ago, when there were 112 single family homes on the market. Here is a graph showing the activity.

All Dublin Single Family Homes
Inventory Vs Pending Sales Nov 2009

Homes under $1 million continue to dominate the market. The inventory of these homes increased to 38 in October, up from 27 in September. Homes under $1 million represented 93% of all homes available in Dublin and 100% of the increase in inventory for the month. For comparison, there were 100 homes under $1 million in October 2008. Likewise, pending sales of single family homes under $1 million increased to 35 in October from 30 in September. This was 100% of all homes sold in Dublin in October. There were 21 sales of homes under $1 million in October 2008.

Dublin Single Family Homes Under $1 Million
Inventory Vs Pending Sales Oct 2009

Activity in the over $1 million market segment remained slow, with no sales and only 3 homes on the market. That is unchanged from September.

Dublin Single Family Homes Over $1 Million
Inventory Vs Pending Sales Oct 2009

Inventory and sales have been running neck and neck for the past several months, making for a very hot market. Where we go from here will depend largely on what inventory does in the coming months. The demand is there, at least for the moment. I’ll be watching closely.