New Listings
This Week
533
vs. Last Week
-0.74%
vs. Last Month
-15.40%
vs. Last Year
-1.84%
Closings
This Week
414
vs. Last Week
-33.76%
vs. Last Month
+13.42%
vs. Last Year
+7.25%
Avg. Sale Price
This Week
$260,669
vs. Last Week
-2.42%
vs. Last Month
+3.66%
vs. Last Year
+13.55%
Avg. Days On Market
This Week
18
vs. Last Week
-5.26%
vs. Last Month
-18.18%
vs. Last Year
-43.75%
Absorption Rate
This Week
41.60%
vs. Equilibrium
+24.93%
vs. Last Week
+0.60%
vs. Last Month
+3.90%
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, New Listings are nearly unchanged vs. last week and vs. last year, but are down considerably vs. last month. Closings are down dramatically vs. last week, which is not surprising because last week was the end of the month. Closings are up significantly vs. last month and vs. last year. Avg. Sale Price shows little change vs. last week and vs. last month, but it’s up big vs. last year. Avg. Days On Market is down across the board – most dramatically vs. last year. The Absorption Rate reached an all-time high once again, indicating 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 41.60% can also be expressed as a 2.40 months’ supply of homes. This rate is 24.93% 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.