Just a quick look at absorptions rates for the seven county metro area. Absorption rates are a calculation of how long it will take for all the homes on the market to be sold. Each month homes are sold, but each month more homes are put on the market. Our inventory of homes for sale continues to grow as more homes are put on the market than are being purchased.
Some of my colleagues around the country are saying that the Real Estate market "bottomed out" and we will start seeing improvement soon. I disagree, with a blanket statement like that. Real estate is local, each market is different. Yes there are nation wide trends but homeowners are affected by what is going on across the street or around town to a great degree. These numbers are by county and for the last 30 days. Readers will see a difference from one metro county to another, which again emphasizes that real estate is local.
Anoka County – 11.9 Months
Carver County – 10.9 Months
Dakota County – 8.6 Months
Hennepin County – 9.5 Months
Ramsey County – 10.5 Months
Scott County – 10.9 Months
Washington – 9.5
Absorption rates are up slightly from last month, except for Ramsey County where the absorption rate went from 8 to 10 months. Will they go down next month?
