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Hi, Welcome to my 1ST Quarter 2020 Real Estate Market Report.
How will the COVID-19 pandemic affect our local market moving forward in 2020 is the number 1 question I’m being asked.
My first concern is that you and your loved ones stay safe. Get up-to-date real information about what’s happening and how to stay safe at the following links:
Latest from the CDC https://www.cdc.gov/coronavirus/2019-ncov/index.html
Latest from Dallas County https://www.dallascounty.org/about-us/hot-links/coronavirus.php
March 2020 has been unprecedented in my nearly 30-year real estate career. It is too soon to tell the affects, and the stats presented here are for the 1st Quarter and include the 10 weeks before our local shelter in place order.
I’ve been reading and listening to economists and experts who are trying to decide will this be a quick recovery like 9/11 or a slower recovery like the “Great Recession” of 2008 and there is no consensus. Things are changing day-to-day and sometimes hour-to-hour, so follow me for up-to-date information.
While showings are down 56% from the high of just a few weeks ago the real estate market hasn’t gone to zero. There are currently buyers buying and sellers selling. Everyone’s situation is unique, so contact me to discuss your personal situation and real estate needs.
If you decide to buy or sell real estate during this time it is important to understand the current market trends.
According to NTREIS, our local MLS, the marketplace for East Dallas residential properties in 1st Quarter 2020 versus 1st Quarter 2019:
- The Number of SOLD listings Increased over 26% to 496 units with a top sale of $2,395,000 at 4646 Chapel Hill Rd.
- The Average Sales Price Increased by 3% to $486,575 moving the Average Price Per Sq Foot Up 2.7% to $229 per sq foot.
- The inventory of properties available for sale measured in months supply Decreased by 16.5% to 3.2 months worth of properties for sale.
- Mortgage rates Decreased 19.2% with the 30 year fixed rate average near 3.45% according to Mortgage Rate Source: FreddieMac
Additionally, you will find below the 4 Neighborhood Reports for 1st Quarter 2020 compared to 1st Quarter 2019.
To put these numbers in perspective, last January and February was a much slower market than we had seen in previous years. The market remained slow through April but picked up steam and finished strong. That is why the percentage change numbers are so much higher compared to 2019.
We will have to see how COVID-19 continues to affect the stock market, bond and interest rates and the consumer mindset for the remainder of 2020.
Thanks for reading, and if you know someone who would benefit from this information please feel free to share it.
See you next month for the real estate market report.
