Dallas Housing Inventory by Price
I like it when this set of real estate data comes out later in the month for the previous month, it gives a more accurate picture of the market because more sales numbers have been entered into the MLS. Shopping for a home is hard work and it’s good to know what your chances are of finding a few homes you really like and can call home. The months supply is an indicator of home inventory and if you’ll have competing bids on a property.
A good rule of thumb is a balanced market market is between 5 and 6 months supply. As you can see from the Dallas Metro chart above, inventory is tight in the first time home buyer market except if your buying a town home there is plenty of inventory. 3.8 to 4.2 months supply means you might have to try several times to finally get a home under contract and that is normal, you just need to be persistence. Even sales at the $200K to $299.9K range is getting risky at 4.9 months. Once you hit over $300K the inventory is more normal at 7.1 months but that will depend specifically on the neighborhood and whether it’s in higher demand.
One thing for sure, if your looking in the $500K and above range you can have your cake and eat it too. 15.1 months inventory and that’s a lot of homes to look at and surely you’ll find a few you like. Ditto goes for town homes in this category – the inventory doubles. Happy Hunting! Now that we’re getting in the true selling season watch for inventory to pick up in all price ranges.