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Hi,
Welcome to my November 2021 Real Estate Market Report.
Highlights:
According to NTREIS, our local MLS, the marketplace for East Dallas residential properties November 2021 versus the same period in 2020:
- The Number of SOLD listings Decreased more than 10.6% to 193 units with a top sale of $2,500,000 at 3815 Branchfield Drive.
- The Average Sales Price Increased 7% to $577,512 moving the Average Price Per Sq Foot Up 11% to $282 per sq foot.
- The inventory of properties available for sale measured in months’ supply Decreased by 38.9% to 1.1 months’ worth of properties for sale due to extreme buyer demand.
- Mortgage rates were up slightly with the 30-year fixed rate average near 3.14% according to Mortgage Rate Source: FreddieMac
Additionally:
A recent REALTOR® Magazine article quotes several top economists including NAR®’s Lawrence Yun and Danielle Hale with realtor.com®. Both are saying this winter will see stronger sales than in previous winters due to tight home inventory and continued strong buyer demand. Buyers may feel more pressure to buy now due to increasing interest rates with NAR forecasting a mid year 2022 30-year fixed rate mortgage averaging 3.50%. Yun says “The days of fast price gains are over.” And “there will be fewer pockets of the market where bidding wars do occur, but sellers should expect much less than what was occurring in the past 12 months…”
Local market trends matter and are driving what is happening by price point, city and the neighborhood you live in.
So let’s look at some positives for our local market, showings continue to be strong.
Listings dropped at the end of April 2020 due to COVID-19 and continue to be down nearly 40% compared to November 2020 months’ supply of inventory). Interest rates remain near historic lows with buyers actively in the market. Well priced and well-conditioned “market ready” homes are selling quickly and often with multiple offers, especially in homes under $500,000.
Additionally you will find below the 4 Neighborhood Reports for November 2021 compared to 2020.
Economists are predicting a strong fall/winter market as long as there is sufficient inventory.
Everyone’s situation is unique, so contact me to discuss your individual situation and needs.
If you decide to buy or sell real estate now or in the near future, it is important to understand the current local market trends.
See you next month for the real estate market report.
P.S. You are an important part of my business so if you know someone who would benefit from this information, please feel free to share it.
P.P.S. I have a stellar network of national and international agents who can help you, your friends and family buy or sell any where in the world! Let me know how I can help.
