New Listings
This Week
636
vs. Last Week
-1.70%
vs. Last Month
-5.22%
vs. Last Year
-6.88%
Closings
This Week
508
vs. Last Week
-10.88%
vs. Last Month
-12.71%
vs. Last Year
-2.50%
Avg. Sale Price
This Week
$255,794
vs. Last Week
-0.30%
vs. Last Month
-2.10%
vs. Last Year
+19.67%
Avg. Days On Market
This Week
24.20
vs. Last Week
+10.60%
vs. Last Month
+10.91%
vs. Last Year
-3.35%
Absorption Rate
This Week
33.53%
vs. Equilibrium
+16.86%
vs. Last Week
+0.46%
vs. Last Year
+3.64%
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 down slightly vs. last week and down moderately vs. last month and vs. last year. Closings are down considerably vs. last week and vs. last month, but only down a little vs. last year. Avg. Sale Price held steady vs. last week and vs. last month, and is up nearly 20% vs. last year. Avg. Days On Market is up quite a bit vs. last week and vs. last month, but is still down a little vs. last year. The Absorption Rate has continued to rise to new heights each week, for the past several weeks. Housing inventory is now less than half of what’s required for a balanced market. Overall, these figures reflect a very 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 33.53% can also be expressed as a 2.98 months’ supply of homes. This rate is 16.86% 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.