Jan 28, 2013

How many homes are for sale in North Dallas?

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.

Looking at homes priced under $265,000 ; we have 105 properties for sale as compared to a high of 191 for sale in December 2010.
 
Looking at homes priced over $950,000 ; we have 146 properties for sale as compared to a high of 283 for sale in August 2009. 

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.
 Looking at homes priced under $265k ; we have a 6 month supply of properties for sale compared to an 11 month supply in 2009.
 
A look at homes priced over $950k shows that we have an 11 month supply of properties for sale compared to a 22 month supply in 2009.

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.
[where: 75230]

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