I think of it as 1st come, cheapest tour kind of thing...for instance, the first, say 8 reservations for a trip might be priced at $4399, then the next 12 for $4599, and the next 12 for $4999 (just made up numbers!). Very rarely if a trip isn't selling well there might be a "sale" but for the most part, best to book early. I believe that DVC members have the ability to book at tier 1 pricing (ie lowest prices) but not 100% sure if that's the case since I'm not a DVC member. Disney Cruise Line operates in a similar fashion fwiw.
Also, if you are a DVC member you are entitled to the opening day price regardless of when you book. So, if that is the case the only risk to waiting is availability (assuming there is no early booking promo).
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