Dublin Market Update for July 2013 brought on 30 newly listed detached homes. As of August 1st, 2013, there are 45 detached homes available for sale in Dublin. The lowest price home is a BMR property priced at $367,817. The highest priced is at $1,875,000 for a Custom home in Silvergate. There are also two other higher priced properties that are crossing borders between San Ramon and Danville. The square footage of these homes starts at 1272 sq ft to 5242 sq ft. based on the current inventory data, the Median price of a detached home in Dublin is $740,000 with an average of 11 days on market.
In July, 2013 – 39 detached units were sold as compared to 43 units in July 2012. But the price increase from July 2012 to July 2013 was 11%. The Median price of detached units sold in July 2012 was $665,000 and in July 2013 the Median price increased to$740,000.
Number of Sold Properties in July 2013 decreased by 9% as compared to July 2012, mainly because the number of homes available dropped substantially. The supply of new construction in Dublin has not been accounted for and the numbers are not reported on the MLS.
New Home sales were very brisk in the first two quarters with price increases of close to 40% from 2012. New Home sales have slowed down in June and July and buyers now have a choice of finding the home for themselves rather than camping out on a first come first serve basis or waiting for the lottery to pull out their names. Even though sales have slowed down with new home builders, prices are not coming down but stabilizing.
Number of Pending properties increased by a 5%. Number of under contract units nearly increased from 39 units in July 2012 to 41 units in pending sales in July 2013
The number of newly listed properties increased 79% from July 2012. Number of units listed in July 2012 were 57 as opposed to July 2013 the numbers were at 102. But the inventory was down from June 2013 by 20 units and as of Aug 1st, 2013, the number of active units is down to 75.
The Average Months of Supply of homes in Dublin was down 24% from 1.4 month’s supply in July 2012 to 1 month supply in July 2013. The low supply has been a major contributor in fueling price increases on the last 12 months and the new home builders have increased their pricing by 40% from last year, based on the very low inventory in the resale market.
San Ramon Market Update July 2013