New Listings: 669
vs. last week: +17.37%
vs. last month: -1.91%
vs. last year: -12.55%
Avg. Sale Price: $238,144
vs. last week: -0.25%
vs. last month: -2.44%
vs. last year: -1.99%
Avg. Days On Market: 23.07
vs. last week: +0.92%
vs. last month: -8.42%
vs. last year: -24.09%
Absorption Rate: 25.96%
vs. market equilibrium: +9.29%
vs. last week: +0.70%
vs. last month: -1.60%
(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 quite a bit vs. last week, but are still down significantly vs. last year. Avg. Sale Price is down slightly across the board. Avg. Days On Market is up a little vs. last week, but down notably vs. last month and 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 25.96% can also be expressed as a 3.85 months’ supply of homes. This rate is 9.29% 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.