Absorption Rate
Absorption rate is a measure of real estate market update activity. It takes into account what is currently on the market and what has sold in the last 30 days (or whatever time frame you choose to analyze). It is predictive in nature – telling us how long it would take to sell the entire inventory of currently available homes based on what has sold in the recent past.
In Basking Ridge we are currently looking at just under FIVE months. This is an excellent number – somewhat of a buyer’s market with a slight favoring of sellers. This changes when we examine specific price ranges.
Single family homes – all prices: 6.1 months
Simingle family homes over $1.1M: hard to measure as there were no sales in January, but there were six in December and there are 14 houess listed over $1.1m.
$800,000 – $1.1M: under three months
$500,000 – $800,000: 7.2 months
$500,000 – $700,000: 4.8 months
$600,000 – 800,000: 9.3 months – this is currently a challenging price point.
Condos and townhouses: 3.6 months
Need the value of your home in today’s market? Click here to send me some information and I’ll be happy to share that information – whether you are ready to sell now, next month or three years from now! We work at YOUR pace and know you need to have a current real estate market update in order to plan your long term goals.
Starting your search? Let us be your buyers agent! Connect with the Blanchard Team for more information about what that means to you!
