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Hi,
Welcome to my August 2021 Real Estate Market Report. This is for August 2021 compared with August 2020.
Recently economists have weighed in on the Fall 2021 market. Here are a few of the comments. According to Ali Wolf, chief economist of building consultancy Zonda. “Going into fall, buyers may not need to pull out all the stops to win a house, like removing the inspection contingency or waiving the appraisal contingency.” “We’re seeing the gap narrowing between demand and supply,” says NAR’s director of housing and commercial research, Gay Cororaton. But it isn’t going to even out anytime soon. “There’s still a huge, huge gap.”
Local market trends matter 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 due to COVID-19 and continue to be down 37% compared to August 2020 (months supply of inventory). Interest rates remain near historic lows and have buyers in the market looking for well priced and well conditioned “market ready” homes. With nearly 1 in 4 homes receiving multiple offers especially in home priced under $500,000.
According to NTREIS, our local MLS, the marketplace for East Dallas residential properties August 2021 versus the same period in 2020:
- The Number of SOLD listings Decreased more than 18.6% to 240 units with a top sale of $1,895,000 at 8554 Santa Clara Drive.
- The Average Sales Price Decreased slightly by 2.8% to $533,572 moving the Average Price Per Sq Foot Up 11.4% to $273 per sq foot.
- The inventory of properties available for sale measured in months supply Decreased by 42% to 1.6 months worth of properties for sale due to extreme buyer demand.
- Mortgage rates Decreased 3.4% with the 30 year fixed rate average near 2.84% according to Mortgage Rate Source: FreddieMac
Additionally you will find below the 4 Neighborhood Reports for August 2021 compared to August 2020.
Numbers for August 2020 through August 2021 were strong and record setting. Economists are predicting a strong fall 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.
