New Listings
This Week
506
vs. Last Week
+4.12%
vs. Last Month
-22.27%
vs. Last Year
+16.06%
Closings
This Week
530
vs. Last Week
+27.10%
vs. Last Month
+11.34%
vs. Last Year
+4.95%
Avg. Sale Price
This Week
$249,496
vs. Last Week
+0.92%
vs. Last Month
-4.77%
vs. Last Year
+7.57%
Avg. Days On Market
This Week
17
vs. Last Week
0.00%
vs. Last Month
+13.33%
vs. Last Year
-43.33%
Absorption Rate
This Week
44.09%
vs. Equilibrium
+27.42%
vs. Last Week
+1.86%
vs. Last Month
+5.88%
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 up a little vs. last week, down quite a bit vs. last month, and up considerably vs. last year. Closings are up across the board. Avg. Sale Price is nearly unchanged vs. last week, down a little vs. last month, and up moderately vs. last year. Avg. Days On Market is unchanged vs. last week, up quite a bit vs. last month, and down dramatically vs. last year. The Absorption Rate reached an all-time high for the 6th week in a row, 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 44.09% can also be expressed as a 2.27 months’ supply of homes. This rate is 27.42% 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.