New Listings: 25
vs. last week: +13.64%
vs. last month: +47.06%
vs. last year: -3.85%
Avg. Sale Price: $397,869
vs. last week: +37.21%
vs. last month: +32.74%
vs. last year: +49.46%
Avg. Days On Market: 10.25
vs. last week: -35.94%
vs. last month: -38.81%
vs. last year: -58.35%
Absorption Rate: 26.92%
vs. market equilibrium: +10.25%
vs. last week: -0.25%
vs. last month: +2.22%
(based on data from Cincinnati MLS)
Weekly figures are not the best measure of market conditions, because they only measure 7 days at a time. However, they do indicate market direction and fluctuation.
This week, the key take-aways are the dramatic increase in Avg. Sale Price and the sharp drop in Days On Market vs. last week. However, due to the small sample size of Anderson Twp. as compared to all of Greater Cincinnati, we expect to see large percentage changes from week to week. Upcoming monthly, quarterly, and year-to-date reports ought to more accurately reflect the Anderson Twp. market conditions.
The absorption rate is a lesser known figure to the general public, but it may be the most important one. It factors in active & pending listings (current inventory), along with the average number of listings sold per month over the past 6 months. The resulting figure is the percentage of current inventory sold each month. Our current absorption rate of 26.92% can also be expressed as a 3.74 months’ supply of homes. This rate is 10.25% higher than the market equilibrium rate of 16.67%, or a 6 months’ supply of homes. When the absorption rate is higher than 16.67%, the market conditions favor sellers. When it’s lower than 16.67%, buyers have the upper hand.