New Listings: 664
vs. last week: +14.68%
vs. last month: +3.43%
vs. last year: -15.41%
Avg. Sale Price: $249,419
vs. last week: -0.66%
vs. last month: +0.78%
vs. last year: +6.95%
Avg. Days On Market: 24.21
vs. last week: -3.00%
vs. last month: -7.21%
vs. last year: +4.94%
Absorption Rate: 28.75%
vs. market equilibrium: +12.08%
vs. last week: +0.41%
vs. last month: +2.70%
(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, it’s encouraging to see a rise in New Listings vs. last week and vs. last month. However, New Listings are still down significantly vs. last year. Although nearly unchanged vs. last week and vs. last month, Avg. Sale Price is up quite a bit vs. last year. Avg. Days On Market figures this week are somewhat inconsistent. The Absorption Rate reached a new high once again, which illustrates a tight market continuing to tighten even further.
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 28.75% can also be expressed as a 3.48 months’ supply of homes. This rate is 11.66% 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.