Welcome to my 2nd Quarter 2021 Real Estate Market Report. This is for 1/1/2021 thru 6/30/2021 compared with the same period 2020.
On 1/11/2021 FNMA (Fannie Mae) came out with the following predictions: At the end of 2021 GDP of 5.1% for the year with an especially strong 3rd and 4th quarter. Unemployment to be below 4% by the 4th quarter of 2022. Housing prices to increase nationally 3.7% in 2021 with 30 year fixed rate mortgages around 2.8%.
Local market trends matter more than ever and are driving what is happening by price point, state, 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 and continue to be down 57.6% compared to the same period through June 2020 (months supply of inventory). Interest rates are close to the historic lows which have buyers in the market looking for well priced and well conditioned “market ready” homes. And in many neighborhoods homes are receiving multiple offers for those “market ready” homes.
According to NTREIS, our local MLS, the marketplace for East Dallas residential properties 1/1/2021 thru 6/30/2021 versus the same period in 2020:
- The Number of SOLD listings Decreased more than 3% to 1314 units with a top sale of $2,650,000 at 6858 Tokalon Drive.
- The Average Sales Price Increased by 6.3% to $548,706 moving the Average Price Per Sq Foot Up 9.3% to $265 per sq foot.
- The inventory of properties available for sale measured in months supply Decreased by an astounding 57.6% to 1.4 months worth of properties for sale due to extreme buyer demand.
- Mortgage rates Decreased 5.7% with the 30 year fixed rate average near 2.98% according to Mortgage Rate Source: FreddieMac
Additionally you will find below the 4 Neighborhood Reports for 2nd Quarter 2021 compared to the same period 2020.
Additionally you will find below the 4 Neighborhood Reports for June 2021 compared to June 2020.
Numbers for July 2020 through June 2021 were strong and record setting. Economists are predicting a stronger than normal summer 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.