In June, I wrote about how the Dublin Ranch real estate market was outperforming a significant portion of the United States in home sales and market value. Now here we are, a month further into an especially hot summer wondering, “has anything changed?”
The most straightforward answer is “not a lot.” Yet for most homeowners, those words are music to their ears.
Here’s why: Dublin Ranch real estate’s median sold price barely budged in June… but that means it continues to hang around the record-high of $797,000 that was established in May. These towering prices have helped keep both Alameda and Contra Costa counties at the front of the pack in year-over-year sales increases.
It was the same story with the “days on market” figure; its 14-day average followed closely behind previous months going back as far as the 12-day average set in February. The fact that this data can consistently be measured in weeks rather than months is indicative of a market that still strongly favors homeowners and sellers.
Those aren’t the only data points that continue to reinforce this fierce seller’s market, either. Local inventory managed to shrink yet another 13-percent to a vanishingly small 0.7 “months” of supply, leaving prospective buyers shoulder-to-shoulder with growing competition on the few homes that remain available. And when you consider that the total number of Dublin Ranch properties for sale is down 12-percent from May—and a whopping 30-percent from June 2014—it’s not hard to see how sellers are benefiting immensely from the shortage.
The result of all of this is that between single-family houses, condos, and townhouses, the gulf separating median asking prices and closing prices of dublin ranch real estate more than doubled in size, jumping from $31,000 to a whopping $65,000 in favor of sellers.
As we’ve said in the past, July and August are typically the “high-water mark” of the annual real estate market when it comes to closing price and expediency. And as we continue to see, this summer is certainly no different. So if you’ve been thinking about putting your home up for sale, what are you waiting for? Make today the day you capitalize on record growth and low inventory by contacting Lifestyle Real Estate Services!