Today I was curious to see how many homes there were "Active" on the market in the Irving Las Colinas area. Meaning these where not under contract yet. I was pleasantly surprised to find only 675. Everyone talks about a market downturn, or a stagnant market. I agree that if you live in Florida, Nevada, Michigan...I am probably missing a few. But the numbers of homes on the market in those areas is much higher than here.
With a flood of properties on the market it always makes it much harder to sell. Once those properties go away, properties get scarce, obviously a good case of supply and demand.
Now think of this... a rough average of sales per month in Irving is about 100, over the last six months it has actually been 93 homes per month.
If starting from today no one listed their home for sale it would take 7 months to have absolutely no inventory. What would happen to prices then?
Alot of these other cities have a supply that would last them years. Fortunately for us the market looks pretty bright!!
Now if I can get everyone to stay put for awhile :-)
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