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Hi,
Welcome to my July 2021 Real Estate Market Report. This is for July 2021 compared with July 2020.
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%.
Local market trends matter more than ever 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 and continue to be down 51% compared to July 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 3 homes receiving multiple offers.
According to NTREIS, our local MLS, the marketplace for East Dallas residential properties July 2021 versus the same period in 2020:
- The Number of SOLD listings Decreased more than 22% to 252 units with a top sale of $2,095,000 at 6918 Tokalon Drive.
- The Average Sales Price Increased by 12.8% to $562,729 moving the Average Price Per Sq Foot Up 10.5% to $273 per sq foot.
- The inventory of properties available for sale measured in months supply Decreased by an astounding 61% to 1.3 months worth of properties for sale due to extreme buyer demand.
- Mortgage rates Decreased 5% with the 30 year fixed rate average near 2.86% according to Mortgage Rate Source: FreddieMac
Additionally you will find below the 4 Neighborhood Reports for July 2021 compared to July 2020.
Numbers for July 2020 through July 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.
