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Hi,
Welcome to my May 2020 Real Estate Market Report.
How will the COVID-19 pandemic continue affecting 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 continue to 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
At Allie Beth Allman & Associates safety is our highest priority for our agents, clients and the public. We have implemented protocols to address this throughout a showing.
May 2020 was another unprecedented month in my nearly 30-year real estate career. It is too soon to tell the affects of COVID-19 and the political unrest will have on the housing market, and the stats presented here are looking backward at the month of May.
I’ve been reading and listening to real estate economists Dr. Mark Dotzour, Dr. Jim Gaines, and Dr. Lawrence Yun. As discussed the past several months 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.
So let’s look at some positives for our local market, while showings were down at the end of March 56% from the highs of February the real estate market didn’t gone to zero. In fact showings have increased 71% from the March lows and up 13% from this time last year. Listings dropped at the end of March nearly 36% and continue to increase since the end of April but are still down almost 20% compared to 2019. Interest rates are at historic lows which have buyers in the market looking for well priced and well conditioned market ready homes. And in some neighborhoods homes are receiving multiple offers.
According to NTREIS, our local MLS, the marketplace for East Dallas residential properties in May 2020 versus May 2019:
- The Number of SOLD listings Decreased over 20% to 746 units with a top sale of $1,695,000 at 6908 Kenwood Avenue.
- The Average Sales Price Increased by 1.3% to $479,489 moving the Average Price Per Sq Foot Up 2.5% to $239 per sq foot.
- The inventory of properties available for sale measured in months supply Decreased by 22% to 3.9 months worth of properties for sale as people pulled their homes from the market over COVID-19 fears.
- Mortgage rates Decreased 21.1% with the 30 year fixed rate average near 3.15% according to Mortgage Rate Source: FreddieMac
Additionally you will find below the 4 Neighborhood Reports for May 2020 compared to May 2019.
Early numbers for June are encouraging and may indicate our Spring market has just shifted to later in the year.
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.
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!
