New Listings
This Month
2977
vs. Last Month
+3.84%
vs. Last Year
+9.45%
Closings
This Month
2379
vs. Last Month
-3.68%
vs. Last Year
+4.80%
Avg. Sale Price
This Month
$257,102
vs. Last Month
+0.80%
vs. Last Year
+15.68%
Avg. Days On Market
This Month
17
vs. Last Month
0.00%
vs. Last Year
-39.29%
Absorption Rate
This Month
39.84%
vs. Equilibrium
+23.17%
vs. Last Month
+2.19%
This month, New Listings are up vs. last month and vs. last year. Closings are down slightly vs. last month but up a similar amount vs. last year. Avg. Sale Price is virtually unchanged vs. last month but is up big vs. last year. Avg. Days On Market is literally unchanged vs. last month but down dramatically vs. last year. The Absorption Rate is at an all-time high again, for the 5th 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 39.84% can also be expressed as a 2.51 months’ supply of homes. This rate is 23.17% 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.