MARCH 2021 ROCKWALL REAL ESTATE UPDATE

Interest Rates

Since hitting an amazing low of 2.65% in January, rates have risen more than 30 basis points and buyers are taking notice. The change in the number of buyers in the market is more in line with this same time last year and we just have 1% more buyers in the market. That’s a lot more manageable if we can get more homes listed for sale.

Even with the interest rate slowly ticking up over the last few weeks, the average 30-year fixed-rate mortgage is still at 3.02% with .6% in fees and points.
For this local market data, I use numbers from single-family home sales in Rockwall County. These numbers are based on sales data from February.
The average sales price is at $418,910. That’s a 34% increase from just one year ago.
The number of homes for sale is at 143 homes. We are down 74% in the number of homes available to buy in Rockwall County.
Rockwall County had 138 sales in February, 20% FEWER than last year.
Homes sold 41% faster in February than they did last year, and we averaged 38 days on the market.

Our months of inventory is down more from last month and is now at .6 months. This number tells us that based on current demand, if no new listings came on the market, it would take just about two to three weeks for all of the current inventory to be purchased.
We listed 158 homes in December which is 25% less than last year.
Our average sales price per square foot is at $150 per square foot, a 20% increase from last year.

The Takeaway
Well, everyone wants to sell when the market is at the peak. If you’re considering a sale, we’re starting to see signs that the demand sellers have been enjoying might be wavering a little. The fact the number of buyers in the market is no longer severely outpacing what we had last year in addition to the fact sellers tend to prefer to list their homes in the spring, gives me hope that pressure on buyers will ease up a little.