Absorption rates are a calculation of how long it will take for all the
cotton swabs
homes on the market to be sold, or absorbed, at the current rate of homes sales and with the current number of homes on the market. The numbers tell us if we are in a buyers market or a sellers market. I do 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 5.1 Months
Carver County 6.3 Months
Dakota County 4.7 Months
Hennepin County 3.1 Months
Ramsey County 5.7 Months
Scott County 5.1 Months
Washington County 5.0 Months
We are at the cotton swab stage where there is really very little inventory to absorb. . . yet it does not feel at all like any sellers market that I can remember. Absorption rates were at the qtip level last April as well.
For related posts see Local Market Conditions and Home Prices
[…] much different than the absorption rates I published last month. The numbers say that the inventory of homes on the market it low. I […]