Dublin Market Updates and Home Sales in June 2011

Document Sample
Dublin Market Updates and Home Sales in June 2011 Powered By Docstoc
					Dublin Market Updates and Home Sales in
June 2011
Although there is no certainty as to the changes in the market data in the recent few months,
it looks like the months of April and May make more sense now compared to last month, as
pending sales of detached homes in Dublin were restated in the above-said months. There has
been an increase in pending sales in four consecutive months. The 39 pending sales that were
monitored in May increased to 44 in June. Inventory, on the other hand, shows a drop of 11%
from 65 in May to 58 in June. Thus, this goes to show that relative to pending sales,
inventory tightened to from 1.7 months in May to 1.4 months in June. Furthermore, the
reports reveal that although there is a discrepancy in the tightness of today's market compared
to that of late 2009 and early 2010's, which had only 1 month of inventory, at the most, we
aren't very far from hitting the target.

Pending sales data for April and May, with its correction, has exhibited stable rates of
increase in sales, with dropping inventory in the past several months. It could be predicted,
therefore, that Dublin is building up to hitting its target sales in the coming months.

To back up the above-claimed sales forecast, reports showed that there was a slight increase
of closed sales of single family detached homes in Dublin. There was an increase of 3 units
sold in June at 31, compared to that of May's, which was 29. Also, although the median sales
price lowered from $650,000 in May to $635,000 in June, there was a raise in median price
per square foot from $261 in May to $273 in June.

There wasn't only the increase of closed sales in the month of June, but also an improvement
in its marketability. Compared to the 50-day stay in the market during the moth of May, we
made it to only 34 days in June, which makes it 16 days less. Also, a 98% increase to the
sales price as a percentage of the list price occurred in the month of June. On the other hand,
distresses sales, which are the short sales and REO slightly decreased from 45% of sales in
May to 39% in June. However, three homes costing more than $1,000,000 were sold in the
month of June while there was none sold in the month of May.

In general, all the neighborhoods of Dublin Ranch, West Dublin, and Tassajara Meadows
were reported to have strong activity.

Shared By:
Tags: Real, Estate
Description: Real Estate