New Listings: 682
vs. last week: +22.44%
vs. last month: +19.65%
vs. last year: -21.16%
Avg. Sale Price: $244,098
vs. last week: +10.41%
vs. last month: +5.32%
vs. last year: +14.17%
Avg. Days On Market: 25.19
vs. last week: -1.52%
vs. last month: -18.40%
vs. last year: -20.21%
Absorption Rate: 27.55%
vs. market equilibrium: +10.88%
vs. last week: +0.51%
(based on data from Cincinnati MLS)
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.
New Listings are up about 20% vs. last week and vs. last month, but down about 20% vs. last year. This shows that inventory is increasing, but it’s not keeping pace with last year. Avg. Sale Price is up across the board, while Avg. Days On Market is down. All of these figures indicate strong demand and low supply.
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 27.55% can also be expressed as a 3.63 months’ supply of homes. This rate is 10.88% 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.