Dallas Real Estate buzz right now is all about the low inventory of available homes for sale. We have a housing shortage that may be around for some time. However, the inventory of homes varies based on area and price range.
"Inventory" is figured by looking at how long it would take to sell all the homes on the market if no other properties were listed for sale. If 100 homes sold in the past year and there are currently 50 homes on the market, then you have a 6 month inventory. If 100 homes sold and you have 200 on the market, you have a 2 year inventory.
In Dallas, a 6 month or less supply of homes indicates a seller's market. A 10 to 12+ month supply of homes indicates a buyer's market. Everything in between is a balanced market.
I put together this interesting report of home inventory statistics for you. Click on the chart to see it larger.
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