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Hi,
Welcome to my February 2020 Real Estate Market Report.
It’s important to understand the current market trends especially if you’re thinking about buying or selling real estate.
According to NTREIS, our local MLS, the marketplace for East Dallas residential properties in February 2020 versus February 2019:
- The Number of SOLD listings Increased over 26% to 181 units with a top sale of $2,395,000 at 4646 Chapel Hill Rd.
- The Average Sales Price Increased by 7.14% to $489,304 moving the Average Price Per Sq Foot Up 3.6% to $230 per sq foot.
- The inventory of properties available for sale measured in months supply Decreased by 13.5% to 3.2 months worth of properties for sale.
- Mortgage rates Decreased 25.3% with the 30 year fixed rate average near 3.29% according to Mortgage Rate Source: FreddieMac
Additionally, you will find below the 4 Neighborhood Reports for February 2020 compared to February 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 anticipate 2020 will be similar to 2019 with stable prices and the number of sales similar to 2019.
With historic low interest rates home buyers are back in the market and inventory is decreasing. Over the next few months we will need to see how the recent stock market drops affect the luxury buyer and overall market.
Sellers must properly price their home at the beginning of the process because homes that are priced right and in market ready condition are selling the quickest.
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.
