Dublin Ranch Houses are Selling Well, but Condos and Townhouses are Selling Better.
In my previous article, I wrote that a number of Dublin Ranch houses were closing for less than asking price, but that this suggested that many homeowners were simply racing ahead of “economic equilibrium” when setting their prices. Considering you can’t look at the news without seeing how hot Bay Area housing has gotten lately, this is a perfectly understandable mistake to make. If we can assume that people want the most for their home, then a healthy market is going to encourage them to aim higher than a weak market. As a result, this often leads to a trend where homes close for less than the initial asking price (because the initial asking price was a little too ambitious).
Again, despite the difference between asking price and selling price, median prices are climbing steadily and homes are selling faster—important indicators of a healthy market. It is important to keep this in mind.
This phenomenon isn’t limited to Dublin Ranch houses, either. In May, Dublin Ranch condos and townhouses experienced a similar disparity between asking price and closing price, albeit to a less significant degree than single family residences. Yet overall, condos and townhouses are doing very well in Dublin Ranch. In fact, in a hot housing market, they’re selling better than houses.
To begin with, Dublin Ranch condos and townhouses have had more months where the closing price was higher than the asking price (7 of the past 12 months, versus 0 for single family houses). For sellers, this indicates that there is still room to set higher prices, which is likely why we have also seen a 7% increase in median sale price over this same time last year—a much sharper price climb than houses. And at 0.8, the inventory of condos and townhouses has dipped below housing’s already-low inventories, continuing to reinforce the fact that Dublin Ranch condos and townhouses are in a hot sellers’ market.
Whether you are thinking about selling a house, townhouse, or condo, you are probably well aware of the fact that market conditions that are strongly in favor of sellers at the moment. It bears repeating, however: The market can help influence a higher price, but it isn’t enough to guarantee the most for your home. With a proper marketing team like Lifestyle Real Estate, you can rest easy knowing that you’re closer to reaching that goal.