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Anderson Twp Real Estate Market – June 2020

by | Jul 2, 2020 | Market News, Real Estate

New Listings: 86

vs. last month: -6.52%

vs. last year: -18.87%

Avg. Sale Price: $346,336

vs. last month: +4.65%

vs. last year: +14.05%

Avg. Days On Market: 23

vs. last month: +0.44%

vs. last year: +28.28%

Absorption Rate: 26.92%

vs. market equilibrium: +10.25%

vs. last month: +1.96%

(based on data from Cincinnati MLS)

In June 2020, all figures above – with the exception of Avg. Days On Market – are telling the same story. Inventory is tight and, as a result, homes are selling at higher prices. New Listings are down significantly vs. last year, while Avg. Sale Price is up considerably vs. last year. The Absorption Rate increased quite a bit vs. last month, which indicates that inventory is getting even tighter.

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 26.92% can also be expressed as a 3.72 months’ supply of homes. This rate is 10.25% 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.