Median price for homes in November seem to have dropped in all areas of the Tri Valley compared to November of last year, and Dublin is no exception. Tight lending guidelines are making it tougher for buyers to qualify and the general economy has fewer buyers in the market, putting downward pressure on prices.
This graph is typically something that suggests pricing stability as inventory goes down, and prices go up. However, the units sold we see in the November column more than likely actually went pending 30-60 days prior.
An average of 34 days on market is a decent statistic. Homes typically are still on the MLS in a pending status, but the time they take to go into contract is relatively quick.
Last year at this time we had what was considered a low level of inventory. But at the rate of sale we are experiencing, that is beginning to look a lot more like normal. What we see for this November though, is exceptionally low. At the current rate of sale, we have just 1.2 months of inventory available.
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