• Active Median- $1,182,000 at $660.00 per sq ft.
  • Pending Median- $635,000 at $478.00 per sq ft.
  • Sold Median- $875,000 at $482.00 per sq ft.
Absorption rate is dropping down to 0.9 of a month. The absorption rate is a mathematical way of describing a real-estate market. In other words, it will take 0.90% 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.