Avg. Sale Price
Avg. Days On Market
Compared to 2019, New Listings in 2020 are down slightly. Closings are up a little and Avg. Sale Price is up significantly. Avg. Days On Market is up down dramatically and the Absorption Rate is at an all-time high again, for the 11th week in a row. Overall, these figures illustrate 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 54.67% can also be expressed as a 1.83 months’ supply of homes. This rate is 38% 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.