Dublin Exceeded Expectation in 2023!
Single Family Detached Homes in Dublin – Exceeded Expectations in 2023 Taking a look back at 2023 home sales in Dublin tells a unique story of what happened in Dublin California. While all the experts were saying that home prices were falling because of the higher interest rates, Dublin defied the expectations! The Average Home Sold Price in 2023 exceeded the Average Home Sold Price in 2022 by 1.15%. While this number might seem tiny, it is significant because Dublin out performed San Ramon, Pleasanton and Danville! Lowest # of Homes Sold in 2023 Dublin had the least number of single-family homes sold (284) in 2023 compared to the last 11 years of home sales in Dublin. In 2022 there were 401 homes sold and in 2021 there were 568 homes sold. So due the low inventory, home prices remained stable and actually increased in value. It was close to a 30% reduction in the number of homes sold compared to 2022. March, April, May and June saw the highest number of homes sold in 2023, with June being the highest at 40 homes sold. Dublin ended the year with an average day on the market of 16 days for 2023, which is better than the days on the market for 2022 at 17 days. The lowest average days on market in 2023 was 8 days and January 2023 was at an average of 69 days on the market. 10 Months Exceeding the Average List Price So, while it was a stable market, I noticed that Dublin only had 2 months in 2023 where the average list price was higher than the average sold price. Dublin had 10 months where the sold price was higher than the list price. July had the highest over list price average at $116,127 and November had the lowest at $17,687. Dublin ended the year with $43,357 over list price for homes sold in 2023. 2024 is Starting Off HOT in Dublin!! What’s going to happen in 2024? I get that question a lot and here’s what I know. We are only two weeks into the New Year and it’s already an increasing market in Dublin! We have a listing that went on the market on Monday, January 8th. On Wednesday, January 10th, it went off the market. We received multiple offers and the property went Pending! 2 Days – that’s how long it was on the market! We haven’t seen this type of activity in quite a while. I’m predicting that the market will be stable and home values will increase in Dublin. Buyers who were waiting for home prices to decrease and to find a home under valued missed their opportunity from October 2022 to January 2023. The market took a brief dip during those months, but then steadily increased starting in February 2023. While I don’t know how much home values will increase, Dublin has shown year after year growth in home values and homes have increase 107.828% from 2013 to 2023. That’s a significant increase! Sellers - It's Time to Capitalize on Low Inventory If you are thinking of selling your home in Dublin, make your plans early to capitalize on the low inventory! I’m predicting that January to October will be the most favorable months to sell. I believe we will see the standard seasonal slow down in November and December, especially since 2024 is an election year. Make your plans to sell early in the year to capitalize on the low inventory and motivated buyers! Give me a call or send me a message to chat about how I can help you sell your home in 2024, I can give you the inside information on my recent Dublin home listing. How Did San Ramon Perform in 2023? Click Here to read my Blog post on the San Ramon Real Estate Market in 2023. Also, be sure to check out how Danville & Pleasanton did in 2023 !
What Happened in 2023 San Ramon Real Estate??
Single Family Detached Homes in San Ramon - What Happened in 2023? As we enter the 2nd week of January, I've taken a look back at 2023 to see what really happened in the Real Estate Market in San Ramon. While I've stayed on top of the real estate market daily, it's great to do a deep dive of what really happened. Taking a look back will give you some insight on where the market went and what we think it will do in 2024. Let's step back in time to 2022. The 1st 6 months of 2022 homes were selling considerably over list price. March 2022 recorded an astonishing average sold price of 15.5% over list price. Then the interest rates rose and buyers froze. Sellers were still trying to sell, but it became difficult to find a buyer willing to purchase. Starting in July 2022 through February 2023, homes were mostly selling under list price in San Ramon. Sellers were offering incentives or decreasing their list price to attract a buyer. The Market Changed in March! Then all of a sudden in March, buyers realized that while the market wasn't as terrible as the national news outlets were indicating. San Ramon homes did not see a dramatic decrease in their home values and the market was not taking a deep dive. In fact, if you look at the average home sale price for 2013 in San Ramon ($883,685) and the average home sale price for 2023 in San Ramon ($1,853,440), you'll find a 109.74% increase in value. While prices did take a dip over 2022 numbers (down 8%), they were still higher than 2021 average sold prices (6.67% higher) in San Ramon. We all thought 2021 was a stellar year in real estate, so to see 2023 perform above 2021 numbers, shows how strong the housing market is in San Ramon despite the high interest rates. Buyers or Sellers Market? It was a buyers’ market in 2023 and for the sellers who owned their properties for more than 3 years, they were able to sell above their original purchase price. What was different in 2023 was that there were considerably less homes for sale in San Ramon. Sellers decided to hold their property and not sell. In 2021 there were 833 homes sold, in 2022 there were 587 homes sold and in 2023, there were only 368 homes sold. That low inventory is what helped keep the values steady. In May of 2023 buyers were paying an average of $69,944 over list price and in December that average shrank to $2,903 over list price. So, what will happen in 2024? We are predicting that the market will still remain stable and steady. We don't anticipate a dramatic downward shift. If anything, we are anticipating the interest rates dropping which will increase the buying power for buyers. If inventory remains low, competition from the buyers will drive up the housing values. The question though is “will the banks allow the appraisals to rise considerably or will buyers have to pay over the appraisal value to purchase their home?” What Should You Do in 2024? If you are thinking about purchasing a home in 2024, we highly recommend starting to look for your home now. As we have historically seen, March & April have the highest number of homes sold, so finding your perfect home in January/February will be to your advantage. And you’ll have less competition (hopefully). If you are thinking about selling your home in 2024, because of the lowered interest rates, the market will be favorable for Sellers from January to October. November and December will probably see the slower home sales because of the holidays and it's an election year. So, make your plans to sell early in 2024 to capitalize on the low inventory and motivated Buyers. As always, I'm on top of what's happening in San Ramon, so just give me a call or send me a message to chat about how I can help you in 2024! Want to know what happened in Dublin? It exceeded expectations! Read my Blog post to learn all about the 2023 Real Estate Market in Dublin. 2023 was interesting in Danville - Homes Sold for Less Than List Price for 8 Months out of 2023. Read my Blog to find out all the details about Danville in 2023. Pleasanton homes sold an average of $30,000 OVER List Price in 2023, find out more on my Blog.
When is the best time to buy a house in California?
A house purchase is a significant life and financial decision that requires careful planning and attention to detail. Several factors to consider, including budgeting, saving, finding the right property, and arranging to finance, can make the prospect of becoming a homeowner both thrilling and intimidating. A home is a long-term investment, so you must research the market and consider your tastes and needs. The journey of buying a home in California may be both thrilling and overwhelming. It's crucial to do your homework and engage with a trustworthy real estate agent because the state's real estate market varies, with pricing and laws changing widely. Housing in California is expensive relative to the national average, so planning for these costs is essential. It's also important to account for the numerous taxes and fees required to purchase a home in California. Nevertheless, one must wonder when is the best time to buy a house in California. Different people, in different situations, in other parts of the state, and at other times of the year may determine the best time to buy a home. Spring and Summer In most areas, the number of homes on the market increases in the spring and summer, making those seasons prime times for home buying. However, this could increase costs as more firms compete for customers' business. The months of April, May, and June in California are the busiest. More houses will be available during these months, allowing you to find a good deal. You can save money by not having to compete with other buyers for a sale price reduction. Fall and Winter Winter might be your best hope if you're not in a rush and need help finding the perfect house in California in the spring. House hunters may have more leverage and get better deals if they shop in the offseason (autumn and winter) when demand is minimal. In the winter, you have a better chance of finding a reasonable price on a home because the owners who put their homes up for sale usually do so to sell soon. However, a lack of maintenance and upgrades may make these homes more challenging to maintain. Holidays Christmas and Ester are great times to buy a home since demand is lower than supply, resulting in many great deals that buyers are unlikely to snag before the New Year. Now is a great moment to acquire property if you want to save money. Noting that real estate markets can differ by location, it is crucial to speak with a local real estate agent about the ideal time to buy in a specific area. In the end, you should buy a home when you are emotionally and financially prepared to do so and when you have located a home within your price range and other criteria. House Hunting in California After you have decided which season suits you best, it is time for you to do your home work and follow the steps laid out below. For more help, contact our realtor team and someone will assist you. Establish a Financial Plan Budget for buying a house, including the down payment, renovations, and regular upkeep. Location Think about the setting seriously. What kind of environment do you thrive in best—by the water, in the mountains, or the middle of a bustling metropolis? How convenient is it to get around, and what kinds of places and services are nearby? Research the Market Do some market research to get a feel for how much comparable houses are going for in the neighborhood. Knowing this will help you prepare for the transaction and ask for a reasonable price. Work With a Real Estate Agent Find a real estate agent who focuses on vacation homes and hire them to help you. They're well-versed in the area's real estate market and can point you in the direction of the finest options for your lifestyle and budget. Get a Home Inspection Make sure there aren't any significant faults or hidden concerns that could cost you later by getting a home inspection before you make an offer on a vacation home. Factor In Ongoing Costs Consider the long-term expenses that will inevitably arise, such as real estate taxes, security, management, and electricity, when budgeting for a vacation home. Before putting in an offer, make sure you can cover these costs. Best Cities in California to Buy a House San Diego The city features a thriving nightlife, expansive parks, and a top-notch educational system. It's the ideal blending of different peoples and traditions. In the United States, the median price of a home is currently $881,973. Irvine Irvine should be on your shortlist if you seek a safe, family-friendly community in California with excellent educational opportunities. Estimated Median Home Value is $1,303,853. Palm Springs If you're looking for a respite from the stresses of everyday life, go no further than Palm Springs. Palm Springs, California, offers a thriving real estate market with various available properties. One can choose from high-end apartments, condos, or a rental house for their holiday. Sacramento Sacramento, the state capital, is home to around half a million Californians. There are a lot of new businesses and IT firms in the city. If you are on a tight budget, Sacramento is the place to go. Conclusion Buying a home in California depends on many things, like the buyer's situation and the market. November through February and then April to June have traditionally been regarded as favorable for homebuying because of the greater availability of homes for sale, less intense competition, and possibly cheaper mortgage rates. The property market in California is dynamic, so it's crucial to keep up with the demand and consult a real estate professional to find the right moment to buy, depending on your specific wants and circumstances. Before taking such a big step to move homes, getting a professional’s opinion would be advisable. If you want to buy a home in California, contact Rama Mehra and her team of experienced realtors to help you make the best decision for you and your family.
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