Welcome to my Year-To-Date 3rd Quarter 2020 Real Estate Market Report. This is for January 1 2020 thru September 30, 2020 compared with the same period 2019
NOTE: The Top 10 Sales are for the month of September 2020.
The number 1 question I’m still being asked is how is the COVID-19 pandemic affecting our local market and its affect moving forward into the last quarter of 2020 and 2021.
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.
Real estate economists Dr. Mark Dotzour, Dr. Jim Gaines, and Dr. Lawrence Yun have no consensus about moving forward. As discussed the past several months no playbook exists for this situation, however, 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.
On an October 2, 2020 economic forecast call, Dr. Lawrence Yun, said that the current inventory shortage will continue for the foreseeable future. Due to the delayed Spring market we set sales records for July, August and September which are typically slower months. And for this reason he anticipates a stronger than normal fall and winter market.
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 go to zero. In fact showings have increased substantially from the March lows.
Listings dropped at the end of March and continue to be down compared to 3rd Quarter 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 “market ready” homes are receiving multiple offers.
According to NTREIS, our local MLS, the marketplace for East Dallas residential properties Year-to-date 3rd Quarter versus the same period in 2019:
- The Number of SOLD listings Increased more than 12.5% to 1863 units with a top sale of $4,995,000 at 4001 W. Lawther Drive.
- The Average Sales Price Increased by 6.4% to $511,519 moving the Average Price Per Sq. Foot Up 8.8% to $243 per Sq. Foot.
- The inventory of properties available for sale measured in months supply Decreased by 32.3% to 3.2 months worth of properties for sale as people pulled their homes from the market over COVID-19 concerns.
- Mortgage rates Decreased 18.7% with the 30 year fixed rate average near 2.9% according to Mortgage Rate Source: FreddieMac
Additionally you will find below the 4 Neighborhood Reports for YTD 3rd Quarter 2020 compared to the same period 2019.
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.