New Listings: 570
vs. last week: -14.16%
vs. last month: +2.33%
vs. last year: -28.21%
Avg. Sale Price: $238,734
vs. last week: +0.89%
vs. last month: +7.98%
vs. last year: -0.92%
Avg. Days On Market: 22.86
vs. last week: -9.11%
vs. last month: -10.63%
vs. last year: -21.15%
Absorption Rate: 25.26%
vs. market equilibrium: +8.59%
vs. last week: -0.66%
vs. last month: -1.78%
(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.
This week, New Listings are up slightly vs. last month, but are down considerably vs. last week and vs. last year. Avg. Sale Price is up nearly 8% vs. last month, but is nearly unchanged vs. last week and vs. last year. Avg. Days On Market continue to steadily decline in all comparisons, including down over 20% vs. last year.
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 25.26% can also be expressed as a 3.96 months’ supply of homes. This rate is 8.59% 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.