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Hi,
Welcome to my April 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
April 2020 has been another unprecedented month in my nearly 30-year real estate career. It is too soon to tell the affects of COVID-19, and the stats presented here are for April.
I’ve been reading and listening to real estate economists Dr. Mark Dotzour, Dr. Jim Gaines, and Dr. Lawrence Yun. They 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 because there is no playbook for this. 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.
Here are some local market positives, while showings were down at the end of March 56% from the highs of February the real estate market hasn’t gone to zero. In fact showings have increased 50% from March while down only 18.2% from this time last year. Listings dropped at the end of March nearly 36% and are back up 16% in the last 2 weeks of April. Interest rates are at historic lows which have buyers in the market looking for well priced and well conditioned market ready homes. Just last week my buyers submitted 2 offers and both homes had multiple offers over asking price.
According to NTREIS, our local MLS, the marketplace for East Dallas residential properties in April 2020 versus April 2019:
- The Number of SOLD listings Increased over 26% to 496 units with a top sale of $1,699,990 at 611 Largent Avenue.
- The Average Sales Price Increased by 4.4% to $490,878 moving the Average Price Per Sq Foot Up 5.7% to $241 per sq foot.
- The inventory of properties available for sale measured in months supply Decreased by 20.9% to 3.4 months worth of properties for sale.
- Mortgage rates Decreased 23.1% with the 30 year fixed rate average near 3.23% according to Mortgage Rate Source: FreddieMac
Additionally you will find below the 4 Neighborhood Reports for April 2020 compared to April 2019.
We will have to see how COVID-19 continues to affect the stock market, bond market and interest rates and the consumer mindset for the remainder of 2020.
Everyone’s situation is unique, so contact me to discuss your individual situation and needs.
If you decide to buy or sell real estate during this time it is important to understand the current local market trends.
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.
See you next month for the real estate market report.
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!
