A few October 2023 Takeaways for recent Dunlap Data Points

If I were trying to come up with a more robotic, boring sounding title, I’m not sure I could. BUT…there are some interesting takeaways from the most recent sales data in Dunlap

The graph above shows the number of homes on the market in the Dunlap school district (as defined by the Dunlap High School district), in all price ranges, each month, going all the way back to 2010. As you can see, we’re about at a all time low. If this graph went back even 20 years, or 25 years, it would still show this is the lowest inventory of available homes.

The graph above is an index we call the “Months Supply of Homes for Sale”. What is basically shows is if it’s a buyers market or a sellers market. A 5-6 month supply of homes means it’s more or less a balanced market for both buyers and sellers. A lower number indicates more of a sellers market, a higher number means more supply than demand and generally more of a buyers market. Currently we’re right around a 1 month supply, meaning that if no other homes were listed after today, it would take about 1 month to sell everything that is for sale now.

The graph above shows the median listing price to selling price ratio over the last 5 years, on a three month average. So basically, looking at the market is segments of 3 month averages, you can see that over the last year or two, most homes were selling for their list price (100% of list price), with some dips during the winter of 2022/2023, where it went down to around 97/98% of list price, and in 2018 through 2021 where it was below 98%.

A big question we get is, “When is the best time to put our house on the market?”. Looking at the graph above, which shows the number of homes going on the market, over a 3 month average, over the last 5 years. And you can see that usually around Feb, but more so in March-things shoot up fast. 2020 had a little delay (thanks Covid), to that, but based on the report above, it’s better to be early than late, and aiming for the beginning of March is the ideal time to beat the crowd of other sellers looking to get on the market in April or May. June/July are too late and August things are already slowing down considerably.

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