New Listings
This Week
318
vs. Last Week
-23.37%
vs. Last Month
-37.15%
vs. Last Year
+14.39%
Closings
This Week
509
vs. Last Week
+16.48%
vs. Last Month
-3.96%
vs. Last Year
+5.82%
Avg. Sale Price
This Week
$257,765
vs. Last Week
+3.55%
vs. Last Month
+3.31%
vs. Last Year
+13.39%
Avg. Days On Market
This Week
21
vs. Last Week
+40.00%
vs. Last Month
+23.53%
vs. Last Year
-34.38%
Absorption Rate
This Week
52.21%
vs. Equilibrium
+35.54%
vs. Last Week
+3.67%
vs. Last Month
+8.12%
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 down dramatically vs. last week and vs. last month, but up significantly vs. last year. Closings are up quite a bit vs. last week, down a little vs. last month, and up moderately vs. last year. Avg. Sale Price is up slightly vs. last week and vs. last month, and up significantly vs. last year. Avg. Days On Market is up notably vs. last week and vs. last month, but down dramatically vs. last year. The Absorption Rate reached an all-time high for the 10th 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 52.21% can also be expressed as a 1.92 months’ supply of homes. This rate is 35.54% 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.