Welcome to my 1st Quarter 2021 Real Estate Market Report. This is for January 1st 2021 through March 31, 2021 compared with the same period 2020.
My concern with COVID since last March has been that you and your loved ones are safe. Get up-to-date real information about what’s happening with the vaccine 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/covid-19/
At Allie Beth Allman & Associates safety is our highest priority for our agents, clients and the public. We have implemented protocols to address this throughout a showing.
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%.
As discussed the past several months no playbook exists for our current situation, however, perspective is everything and as Dr. Dotzour said, to use “broad brush strokes” is not good. What happens in Texas will be different than Oklahoma or California and what happens in Dallas will be different than Midland or Houston. Local market trends will matter and they believe that recovery timing will depend on the price point, state, city and 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 March 2020 and continue to be down almost 50% compared to 1st Quarter 2020 (months supply of inventory). Interest rates have inched up from the historic lows from the end of 2020 which have buyers in the market looking for well priced and well conditioned “market ready” homes. And in some neighborhoods homes are receiving multiple offers.
According to NTREIS, our local MLS, the marketplace for East Dallas residential properties 1st Quarter 2021 versus the same period in 2020:
- The Number of SOLD listings Increased more than 13% to 620 units with a top sale of $1,895,000 at 6014 Swiss Ave.
- The Average Sales Price Increased by 5% to $518,245 moving the Average Price Per Sq Foot Up 6.2% to $250 per sq foot.
- The inventory of properties available for sale measured in months supply Decreased by 46% to 1.4 months worth of properties for sale as people pulled their homes from the market over COVID-19 fears.
- Mortgage rates Decreased 9% with the 30 year fixed rate average near 3.17% according to Mortgage Rate Source: FreddieMac
Additionally you will find below the 4 Neighborhood Reports for the 1st Quarter 2021 comparted to 2020.
Numbers for July through March were strong and record setting. Economists are predicting a stronger than normal winter and spring 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.
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See you next month for the real estate market report.
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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.