New Listings
This Month
2867
vs. Last Month
-0.97%
vs. Last Year
-0.21%
Closings
This Month
2470
vs. Last Month
-3.74%
vs. Last Year
+15.53%
Avg. Sale Price
This Month
$255,069
vs. Last Month
-1.52%
vs. Last Year
+12.31%
Avg. Days On Market
This Month
17
vs. Last Month
-24.07%
vs. Last Year
-37.04%
Absorption Rate
This Month
37.65%
vs. Equilibrium
+20.98%
vs. Last Month
+2.56%
This month, New Listings are virtually unchanged vs. last month and vs. last year. Closings are down slightly vs. last month but up considerably vs. last year. The same is true of the Avg. Sale Price. It’s down a little vs. last month but up big vs. last year. Avg. Days On Market is down dramatically vs. last month and vs. last year. The Absorption Rate is at an all-time high again, for the 4th 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 37.65% can also be expressed as a 2.66 months’ supply of homes. This rate is 20.98% 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.