I used to publish housing absorption rates often. Way back in 08 and 09 during the great recession there was a 7 to 12 month supply of houses on the market. Right now there is about a 2.4 month supply in the 7 county metro area and about a 2.1 month supply in Ramsey county.
No news here but there is the possibility that the 1.7 month supply we hit last December was the new low and from here we just go up. For those who have no idea what I am talking about supply has to do with how long it would take to sell every house on the market if no new listings were added and buyers continued to buy homes at the current rate. The number is also referred to as an absorption rate.
When there is less than a 6 month supply of homes for sale we call it a sellers market.
Here are some absorption rates from late 2010 when we were is a strong buyers market:
Anoka County 8.7 Months
Carver County 7.9 Months
Dakota County 8.1 Months
Hennepin County 9.1 Months
Ramsey County 8.5 Months
Scott County 10 Months
Washington County 9.5 Months
If you are interested in selling a house give me a call.