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Hi,
Welcome to my January 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 January 2020 versus January 2019:
- The Number of SOLD listings Increased by 32.6% to 114 units with a top sale of $1,875,000 at 6945 Lyre Ln.
- The Average Sales Price Increased by 9% to $499,123 moving the Average Price Per Sq Foot Up 4.7% to $225 per sq foot.
- The inventory of properties available for sale measured in months supply Decreased by 2.9% to 3.3 months worth of properties for sale.
- Mortgage rates Decreased 21.3% with the 30 year fixed rate average near 3.51% according to Mortgage Rate Source: FreddieMac
Additionally, you will find below the 4 Neighborhood Reports for January 2020 compared to January 2019.
To put these numbers in perspective, last January 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.
In the coming months it’s important to watch for seasonal inventory increases and what the federal reserve does with short term rates. The multiple offer market has ended and sellers must properly price their home at the beginning of the process.
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.
