Townhouses and Condos Continue to Lead the Way in Dublin.
Last month, the sale of Dublin townhouses and condos outperformed the Bay Area average in several important categories, including “days on market” and “median for sale versus sold” figures. This reinforces the opinion that condos and townhouses continue to be the strongest aspect of the Dublin housing market—something that should please homeowners who are looking to rent or sell these types of properties in the area. This is especially salient now, with news of skyrocketing prices in San Francisco and the South Bay forcing Californians into the East Bay in search of places to rent and buy.
So how did Dublin condos and townhouses fare last month? Let’s start with closing prices: At $525,750, June’s median closing price was the highest in the past year and an impressive $110,000 above the Bay Area median. And while the average Bay Area condo or townhouse is certainly doing well enough by closing for $26,000 above the list price, the median Dublin property is still managing to outshine it by settling on a figure that is $28,300 above asking price.
Even when it comes to timing, Dublin condos and townhouses are beating the Bay Area averages. The median Bay Area home spent 24 days on the market last month, yet Dublin homes squeezed them out with an average of 23 days. Inventory is lower in general, as well: The Bay Area “months supply of inventory” hovered around 1.3 but, again, Dublin’s inventory remained barely over a month (1 month and 3 days, actually). Smaller inventories mean less competition amongst sellers, which contributes to higher sale prices and less time on the market.
Perhaps one of the only areas where Dublin is lagging behind the Bay Area average is in expired properties. Specifically, while 9.2% of the Bay Area’s 7,197 listed properties expired (that is, they were taken off the market without being sold) in June, a relatively larger 13.9% of Dublin properties expired. This is all despite the fact that the average list price of these expired homes was below the area’s median “for-sale” value. In other words, even though these properties were being marketed for cheap, they still didn’t close. It’s an interesting phenomenon in an otherwise strong housing market, and may be due to any number of reasons, including properties being sold in suboptimal condition or marketed poorly.
Another month of data confirms that condos and townhouses are leading Dublin’s housing market, which is certainly good news for any homeowners. However, the area’s expired properties highlight an important lesson: Even with a strong market, it is possible for a property to sit for two or three times longer than average, with a price that is lower than usual, and still fail to close. This is why you should consider hiring a real estate team like Lifestyle Real Estate Services—because everyone can use a hand in figuring out the best way prepare and market your home to sell.