New Listings
This Month
2055
vs. Last Month
-30.97%
vs. Last Year
+8.27%
Closings
This Month
2144
vs. Last Month
-9.88%
vs. Last Year
+11.55%
Avg. Sale Price
This Month
$250,704
vs. Last Month
-2.49%
vs. Last Year
+9.79%
Avg. Days On Market
This Month
18
vs. Last Month
+5.88%
vs. Last Year
-45.45%
Absorption Rate
This Month
46.59%
vs. Equilibrium
+29.92%
vs. Last Month
+6.75%
This month, New Listings are down significantly vs. last month but up moderately vs. last year. Closings are down nearly 10% vs. last month but up a similar amount vs. last year. Avg. Sale Price is down a little vs. last month but is up nearly 10% vs. last year. Avg. Days On Market is up a little vs. last month but down dramatically vs. last year. The Absorption Rate is at an all-time high again, for the 6th month in a row. Overall, these figures illustrate an extremely tight market, with very low inventory and strong demand.
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 46.59% can also be expressed as a 2.15 months’ supply of homes. This rate is 29.92% 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.