Perhaps the biggest indicator of what is going on in the Dunlap area market right now, is what’s not going on…and that’s new homes coming on the market.
The graph above shows the number of homes on the market each month over the last 5 years on the Dunlap school district. We’re actually at a 20+ year low currently.
The next graphic looks similar, but actually shows some different data.
The graph above shows what we call the Months Supply of homes in the Dunlap school district. It’s an indicator of how long it would take, on average, to sell off everything that is currently on the market today based on the current rate of sales. A 5-6 month supply of homes is generally a balanced market, neither a sellers market or a buyers market. Anything more than 5-6 months is more of a buyers market. Anything less is more of a sellers market. I’ve never seen the inventory of homes for sale this low in the last 25 years.
When there are fewer homes for sale, then typically there are more showings on homes, which can be seen in the graph below, which shows the average number of showings per month of a home in the Dunlap school district.
And now we are headed into what is typically the slower winter months for new homes coming on the market…so this trend shouldn’t reverse itself any time soon, but it creates an amazing opportunity for anyone that is thinking about getting their home on the market now instead of waiting until spring when there will typically be more competition with new homes coming on the market.