It has been a busy week for me and I have been slacking off on the blog posts. Yesterday I had took the time to gather some numbers because we all like numbers. Real estate is local like me and I know the local market inside and out.
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 homes sales. Absorption rates can change quickly. I love numbers and these numbers 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 which is like the 13 county metro area except smaller and are for the last 30 days.
Anoka County 3.3 Months
Carver County 3.5 Months
Dakota County 3 Months
Hennepin County 3 Months
Ramsey County 3.6 Months
Scott County 3.5 Months
Washington County 3.6 Months
An absorption rate of 6 months is considered a balanced market. Below six months and we call it a sellers market. April numbers look very much like the March numbers looked and I think I made them bold in March too.
After a couple of months with a low inventory of homes on the market and a stronger demand prices may go up but probably not a lot. it will be interesting to look at the numbers for May.
For more numbers like these only probably not as good see Local Market Conditions and Home Prices.