Dallas spring real estate market update

The only thing keeping home sales from soaring in the spring of 2014 is the lack of homes to sell. Inventory is at its lowest point and demand is climbing. I'm itching to put more homes on the market.

As you can see from this great graph, sales are set to pick up as they do every year. This chart represents the month when a home sale is completed. In today's market, it typically takes 30 to 45 days for a transaction to close. So a sale in June likely went under contract in April or May.

Click on the graph to view it in detail.

 

As of March 1 this year, we have 3.7 months of inventory available for sale. If no other properties come on the market and demand does not increase, it will take just 3.7 months to sell every house on the market.

What does that mean for prices? They are rising. In some North Dallas neighborhoods, they are back to our high 2007 levels. In a few pockets they are not their yet and in others they are at record highs. In short, inventory is down everywhere, demand is up and prices are rising with variations by neighborhoods.

Thanks to Hexter Fair for this information. [where: 75230]