I thought I would start the week strong with some numbers. The graph below shows absorption rates for single-family homes including condos and townhouses in the Twin Cities Metro area.
Absorption rates calculate how long it would take for all the homes on the market to be sold or absorbed. We clearly have a shortage of homes for sale. We call this a seller’s market. I have heard some rumors that the market is changing but I have not seen any data about our local market that suggests a change or shift.
Real estate is local. Some like to call it “hyper-local” but I am not even sure what the hyper part means.