Absorption rates are a calculation of how long it will take for all the homes on the market to be sold, or absorbed, at the current rate of sales. I do love numbers, and these are in months, the data used came from the RMLS, (MLS) and is deemed reliable but not guaranteed. Sadly there are no guarantees in life.
These are for the seven county metro area.
Anoka County 4.3 Months
Carver County 7.6 Months
Dakota County 4.8 Months
Hennepin County 5.1 Months
Ramsey County 5.4 Months
Scott County 6.3 Months
Washington County 6.1 Months
Absorption rates have gone up slightly for the first time in months. That means that it may take slightly longer to sell a home. The cotton swab will still work but if they are higher next month I will bring out the toilet paper again. This time of year home sales begin to slow so I am not surprised that the absorption rates have gone up. The inventory of homes on the market continues to shrink giving buyers fewer choices, yet they still will not look at homes that are over priced. Smart buyers!
Higher priced homes continue to sell slowly while lower priced homes sell quickly. Those who still wish to take advantage of the first time home buyer tax credit should make an offer before the end of the week and it just might close on time, or maybe not.
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