The word in North Dallas real estate right now is that inventory is way low. We don't have enough homes for sale to meet the current demand. Prices are inching up as a result. In some price ranges, it is a seller's market and prices are rapidly increasing. In the higher price ranges, the market is still turning and prices are slowly rising.
Here is a look at the number of homes for sale based on price. Click on the chart to view it larger.
But the real picture of the market is the Months Supply of Home Inventory. This chart shows how long it would take to sell all the homes on the market based on sales in the past 6 months.
This low inventory signals a seller's market in some price ranges. I predict that inventories will stay low and the market will favor sellers this year. Traditionally in our area, home inventories of 6 months or less signal a seller's market, while inventories of 10+ months signal a buyer's market. Click here to see more of how we define a buyers or sellers market in North Dallas.