Month-over-Month Changes

As we step into November, a reflective look at Dublin’s real estate market in October 2023 reveals some intriguing shifts from September 2023:

  • Homes Sold: There was a notable increase of 22% in homes sold, with 22 transactions completed compared to 18 in the previous month.
  • Median Sale Price: Contrary to the rise in sales, the median sale price saw a 7% decrease, falling from $1,752,500 in September to $1,630,000 in October.
  • Days on Market (DOM): Homes spent less time on the market, with the DOM decreasing to 8 days from 10 days in September.
  • Percentage of List Price Received: Sellers received slightly less than the previous month, with the average at 102% of the list price, down from 103%.

Analysis

The Dublin market is presenting a mixed bag of dynamics. The increase in sales volume could be a sign of a robust market with healthy buyer interest. However, the dip in median sale prices and a slight decrease in the percentage of list price received might suggest buyers are becoming more discerning, possibly due to a wider selection of inventory or a shift in the market towards balance.

Year-over-Year Comparison

Looking back at the year-over-year statistics for October:

  • Homes Sold: There was a significant decrease of 33% in the number of homes sold, down from 33 in October 2022.
  • Median Sale Price: Despite fewer sales, the median sale price has risen by approximately 17% from $1.39M in October 2022 to $1.63M in October 2023.
  • Days on Market: The speed of sales has increased dramatically, with homes selling in 8 days on average compared to 20 days in October 2022.
  • Percentage of List Price Received: Sellers are now receiving a higher percentage of their asking price, up from 97% to 102%.
  • Months of Inventory: There is a tighter market with months of inventory decreasing from 1.1 to 0.8.

Analysis

Year-over-year metrics underscore a market that has grown in price strength but has seen a drop in the number of transactions. The substantial decrease in DOM and the increase in the percentage of list price received point to a seller’s market, albeit with fewer sales occurring.

Price Points and Quadrants

Breaking down the October 2023 sales by quadrants provides insight into which segments of the market are most active:

  • Top Quadrant: 6 homes sold, Median Sale Price: $2,555,000, Median DOM: 6, Avg. $/Sq.Ft.: $696.
  • Second Quadrant: 6 homes sold, Median Sale Price: $1,777,500, Median DOM: 7, Avg. $/Sq.Ft.: $677.
  • Third Quadrant: 5 homes sold, Median Sale Price: $1,350,000, Median DOM: 9, Avg. $/Sq.Ft.: $922.
  • Bottom Quadrant: 5 homes sold, Median Sale Price: $1,144,380, Median DOM: 8, Avg. $/Sq.Ft.: $712.

Analysis

The distribution of sales across the quadrants suggests a balanced market with movement at all price points. Notably, the third quadrant shows a higher average dollar per square foot, which may indicate a higher demand for mid-priced homes with desirable features or locations.

Conclusion

Dublin’s real estate market in October 2023 has shown resilience with an increase in sales volume month-over-month, despite a slight softening in median sale prices. The year-over-year perspective reveals a market with rising prices and quicker sales, indicating sustained demand. The quadrant breakdown reveals a healthy spread across different market segments, offering opportunities for both buyers and sellers. As always, individual circumstances vary, and a local real estate professional can provide guidance tailored to specific needs.

Data provided by MLSListings and is deemed reliable but not guaranteed.