New Listings
This Week
554
vs. Last Week
-14.90%
vs. Last Month
-19.83%
vs. Last Year
-17.31%
Closings
This Week
351
vs. Last Week
-50.91%
vs. Last Month
-34.88%
vs. Last Year
-9.54%
Avg. Sale Price
This Week
$249,659
vs. Last Week
-7.79%
vs. Last Month
-2.36%
vs. Last Year
+12.65%
Avg. Days On Market
This Week
19.03
vs. Last Week
+4.91%
vs. Last Month
-10.62%
vs. Last Year
-27.73%
Absorption Rate
This Week
35.35%
vs. Equilibrium
+18.68%
vs. Last Week
-0.16%
vs. Last Month
+2.68%
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 significantly across the board. Closings are down dramatically vs. last week and vs. last month, but they’re down only moderately vs. last year. Avg. Sale Price is down vs. last week and vs. last year, but is still up considerably vs. last year. Avg. Days On Market is up slightly vs. last week, but is down sharply vs. last month and vs. last year. The Absorption Rate dropped slightly vs. last week for the first time in several weeks, but is up a little vs. last month. Overall, these figures reflect an extremely 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 35.35% can also be expressed as a 2.83 months’ supply of homes. This rate is 18.68% 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.