Jun 22, 2015

Available Home Inventory rises in North Dallas

The number of homes available for sale has increase in the last couple of weeks. However, North Dallas is still in a strong seller's market.

We currently have almost a 6 month supply of properties (homes, condos, townhomes ) for sale from the Park Cities to LBJ Freeway (and between Central Expressway and Stemmons Freeway). That's 647 properties on the market as of this morning.

In April this year we had only a 2 month inventory of homes for sale. There were 565 homes available for sale. Doesn't look like a big difference in numbers, but the demand was slightly higher and homes were selling incredibly fast.

A 6 month or less supply of homes for sale indicates a seller's market with demand outpacing supply. An 8 month or more supply of homes indicates a buyer's market.

"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. Just a few years ago some of our neighborhoods had that - and more.

Folks are moving to Dallas from all over the place and this is the busy season for real estate sales. If you've got a home to sell, now is the best time to have it on the market. [where: 75230]

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