New Listings
This Week
651
vs. Last Week
-3.13%
vs. Last Month
+14.01%
vs. Last Year
+19.01%
Closings
This Week
476
vs. Last Week
-2.86%
vs. Last Month
-8.64%
vs. Last Year
-8.81%
Avg. Sale Price
This Week
$261,996
vs. Last Week
+5.36%
vs. Last Month
+6.46%
vs. Last Year
+23.28%
Avg. Days On Market
This Week
15
vs. Last Week
+7.14%
vs. Last Month
-6.25%
vs. Last Year
-44.44%
Absorption Rate
This Week
38.21%
vs. Equilibrium
+21.54%
vs. Last Week
+0.09%
vs. Last Month
+1.82%
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.
It’s encouraging for buyers to see that New Listings are outpacing Closings. If this trend continues, inventory will increase. To sellers’ benefit, Avg. Sale Price is up while Avg. Days on Market is down. The Absorption Rate reached an all-time high once again, indicating 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 38.21% can also be expressed as a 2.62 months’ supply of homes. This rate is 21.54% 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.