• Active Median- $1,298,500.00 at $704.00 Sq ft.
  • Pending Median- $645,000.00 at $454.00 Sq ft.
  • Sold Median- $850,000.00 at $480.00 Sq ft.
Absorption rate is dropping down to .75 or roughly 22.5 day’s worth of inventory. The absorption rate is a mathematical way of describing a real-estate market in this case. In other words it will take 0.75% of a month to absorb the homes on the market based on the current sales tracking buyer activity.
This is trending towards an even stronger seller’s market. This as we’ve talked/written about, is based on the lack of sellers willing to move or sell their homes and investment properties. However, I believe that we will see this trend changing for good reasons.
Number one, the pandemic’s viral disease is being mitigated with vaccines, giving those that are ready to make changes a comfort zone and launching pad. Secondly, housing life cycles are coming into their next generation of use and lastly prices are ripe for a sell off and rates are attractive for a buyers on the buy side along with the fact that we are just simply ready for change that was spurred on by a pandemic migration.