There has been a huge drop in the median home price in Dublin since this same time last year. Dublin has something in it's housing mix, not found in the other Tri Valley communities, and that's a large number of new home developments. That said, this is a significant drop at 23% year over year.
Looking at the market time from last year to this, it's a move in the right direction. However, last February looks like a blip, more than a trend. The time on market now reflected is actually higher than the previous 5 months. It's always helpful to look at more than a few months of data to spot a trend.
Notice the difference in the three Tri Valley communities. Dublin is down in supply, down in demand. Pleasanton in down in supply, flat in demand. Livermore is down is supply, up in demand. This truly points out the benefit of inspecting data on a city specific basis. You can imagine how these trends would differ within zip codes, or neighborhoods.
Even based on a drop in demand, based on current absorption rates, it's predicted there is just a bit over a month's supply of inventory. Will this help stabilize prices? It may, but our market has been anything but predictable.
Why do so many people ask Real Estate agents, “How’s the Market?” Because they know that information is local in nature - often hyper-local. What happens around the country may not be indicative of the state of California. Or my region – the Tri Valley. And within that region, we have different markets. My hometown of Livermore is different from neighboring Pleasanton and Dublin.
The Active Rain Corp., the largest social real estate network for industry professional recently conducted a survey – Real Estate Recover or Not, to take the pulse of agents in the field and get a sense of whether we deemed our local markets to be in a state of recovery (or not). 1835 agents participated in that survey, and the compilation results are interesting.
If you want an introspective read on your neighborhood, contact me direct for comparative market data.
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