Welcome to my May 2021 Real Estate Market Report. This is for May 2021 compared with the same period 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 and continue to be down almost 62% compared to May 2020 (months supply of inventory). Interest rates have inched up from the historic lows from the end of 2020 which have buyers in the market looking for well priced and well conditioned “market ready” homes. And in many neighborhoods homes are receiving multiple offers.
According to NTREIS, our local MLS, the marketplace for East Dallas residential properties May 2021 versus the same period in 2020:
- The Number of SOLD listings Decreased more than 39% to 161 units with a top sale of $1,500,000 at 6761 Lakefair Circle.
- The Average Sales Price Increased by 10.3% to $529,173 moving the Average Price Per Sq Foot Up 9.6% to $262 per sq foot.
- The inventory of properties available for sale measured in months supply Decreased by an astounding 62% to 1.3 months worth of properties for sale due to extreme buyer demand.
- Mortgage rates Decreased 8% with the 30 year fixed rate average near 2.96% according to Mortgage Rate Source: FreddieMac
Additionally you will find below the 4 Neighborhood Reports for May 2021 compared to May 2020.
Numbers for July through May were strong and record setting. Economists are predicting a stronger than normal spring/summer 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.
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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.