Month-over-Month Changes

In May 2024, the Dublin real estate market experienced several notable changes compared to April 2024:

  • Homes Sold: A total of 32 homes were sold, which is a decrease of 9% from the 35 homes sold in April 2024.
  • Median Sale Price: The median sale price dropped by 11%, from $1,710,000 in April 2024 to $1,515,000 in May 2024.
  • Days on Market (DOM): The median number of days on the market remained unchanged at 7 days, indicating stable market conditions in terms of how quickly homes are being sold.
  • Percentage of List Price Received: Sellers received, on average, 109% of their asking price, down slightly from 110% in April 2024. This still indicates a strong market where homes are generally selling above the asking price.

Analysis

The month-over-month data reveals a slight cooling in the Dublin housing market. The decrease in homes sold and the drop in the median sale price suggest that buyer demand may be softening, potentially due to affordability concerns or seasonal trends. However, the high percentage of the list price received indicates that competition for available homes remains robust.

Year-over-Year Comparison

When comparing May 2024 to May 2023, the Dublin real estate market showed the following changes:

  • Homes Sold: There was a slight increase of 3% in the number of homes sold, rising from 31 homes in May 2023 to 32 homes in May 2024.
  • Homes Listed: The number of homes listed increased significantly by 59%, from 37 in May 2023 to 59 in May 2024. This suggests that more sellers are entering the market, possibly attracted by favorable selling conditions or higher property values.
  • Median Sale Price: The median sale price decreased by 2%, from $1,540,000 in May 2023 to $1,515,000 in May 2024.
  • Average Dollar per Square Foot: The average price per square foot increased by 14%, from $764 in May 2023 to $874 in May 2024.
  • Median Days on Market (DOM): The median DOM remained stable at 7 days.
  • Percentage of List Price Received: The percentage of the list price received increased from 105% in May 2023 to 109% in May 2024, further indicating strong buyer competition.
  • Months of Inventory: The months of inventory rose significantly from 0.3 months in May 2023 to 0.9 months in May 2024, suggesting a slight shift towards a more balanced market but still favoring sellers.

Analysis

Year-over-year, the market shows a mixed picture. While the number of homes sold has slightly increased, the significant rise in listings and the months of inventory suggests that the market is seeing an influx of new properties. This could be a sign of sellers trying to capitalize on high prices before potential market corrections. The decrease in the median sale price indicates that while demand remains strong, buyers might be gaining more leverage in negotiations due to the increased inventory.

Price Points and Quadrants

The sales details for May 2024 were broken down by quadrants as follows:

  • Top Quadrant: Homes Sold: 8, Median Sale Price: $2,595,500, Median DOM: 8 days, Average Price per Sq. Ft.: $931
  • Second Quadrant: Homes Sold: 8, Median Sale Price: $1,675,050, Median DOM: 7 days, Average Price per Sq. Ft.: $825
  • Third Quadrant: Homes Sold: 8, Median Sale Price: $1,457,500, Median DOM: 7 days, Average Price per Sq. Ft.: $756
  • Bottom Quadrant: Homes Sold: 8, Median Sale Price: $1,307,500, Median DOM: 8 days, Average Price per Sq. Ft.: $880
  • Analysis

The data indicates that the higher price points are seeing a significant level of activity, particularly in the top two quadrants. This suggests that buyers are still willing to pay a premium for properties in desirable areas or with high-end features. The stability in the number of homes sold across all quadrants indicates a broad-based demand across different market segments.

Conclusion

The Dublin market in May 2024 has shown a mix of stability and subtle shifts. The slight decrease in median sale price and homes sold month-over-month, along with the increase in listings and months of inventory, suggest that the market may be entering a phase of transition. However, the high percentage of list price received and the consistent demand across all price points indicate that the market remains robust. Buyers and sellers alike should monitor these trends closely as they navigate the evolving landscape.

Data provided by MLS Listings and is deemed reliable but not guaranteed.