New Listings
This Week
571
vs. Last Week
-12.02%
vs. Last Month
-12.29%
vs. Last Year
-7.90%
Closings
This Week
521
vs. Last Week
+9.22%
vs. Last Month
-27.13%
vs. Last Year
-9.55%
Avg. Sale Price
This Week
$246,096
vs. Last Week
+1.85%
vs. Last Month
-9.10%
vs. Last Year
+9.83%
Avg. Days On Market
This Week
16
vs. Last Week
+6.67%
vs. Last Month
-11.80%
vs. Last Year
-46.67%
Absorption Rate
This Week
36.40%
vs. Equilibrium
+19.73%
vs. Last Week
+0.65%
vs. Last Month
+0.89%
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, there are no big surprises. The Absorption Rate has continued to rise, which is a serious concern for buyers. All of these figures continue to 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 36.40% can also be expressed as a 2.75 months’ supply of homes. This rate is 19.73% 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.