Glitzy... Glamorous... hardly words that come to mind when talking about housing market data. I'm not going to try and convince you that the housing market is glamorous in a "Hollywood" kind of way... but I do believe it's glamorous in an attractive, fascinating, and maybe even a little bit alluring kind of way.
So here's a little bit of that kind of "glamour" about our housing market...
The MLS dollar volume for 2020 has been at record levels since June!
The # of new home sales nationwide topped 1 million for the first time since 2006.
The Case Shiller home price index for Dallas in June showed home price appreciation of 3%... we expect that to jump to around 9% by the time they factor in sales from July.
Many luxury market home buyers have recovered financially, and luxury home price points are catching up with the rest of the market. We are seeing glimpses of a Sellers Market at price points above $1m, especially the $1m to $3m price range!
The inventory of homes for sale is SO low, at all price points, that prices are beginning to rise. In fact, on August 1st this year, our market had 45% fewer homes on the market that we did August 1st last year!
We don't want to underestimate or dismiss the pandemic's impact on the economy and unemployment - it was sudden and deep. But we are recovering. A strong Q3 plus historically low interest rates have kept buyers interested, intrigued, and engaged. Many are predicting that not even the election will slow down our housing market by much.
The Dallas housing market can change quickly, and it changes often. There's no way to predict how long the attractiveness or glamour of our housing market will continue.
If you need help navigating the ever-changing Dallas housing market, contact our team today... let us help you uncover the right opportunities and hidden gems, so you can take the leading role in your residential wealth-building story.
If you have questions or comments, I'd love to hear from you!
As always, our team is here to answer questions and help any way we can. If you need information about how the market's doing in your neighborhood, or the value of your home, or your considering selling. buying or investing in Dallas real estate, put us to work for you!
Thanks so much for watching!
As they say in Hollywood... cut! scene! roll the credits!