I must get asked a few times a day about different communities in the area and if things are selling quickly or taking longer to sell, if things are picking up, which towns are selling the best, etc. So, here are some answers to questions using the absorption rate formula. I was answering a lot of calls while doing this so hope I did my calculations correctly and hopefully this can answer some of the emails of gotten lately

Another thing I wanted to point out is that we deal with a lot of foreclosures and we are seeing very few come on in the last month or so. This is true of all of the foreclosure Realtors I speak with in the area. So, the absorption rate may be a little quicker due to this fact. I was told that one cause for the slow down in foreclosures is that some counties are requiring the bank or their representative to meet with the homeowner to see if there's anything that can be done to keep them in their home. If they fail to do this the foreclosure is denied.

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I was looking at a few of the closings in North Port for today and many of them went for $15-$20K over list price on homes price around $100K.

I do know though that many of the option ARM mortgages are set to have their first adjustment in May. It was my understanding that many of the option ARM loans were given to borrowers with great credit so this might affect some of the homes on the higher end.

Port Charlotte single family homes
# of listings in Port Charlotte= 1298 active listings
# of listings sold from Mar 22-Apr 22: 155
# of listings sold from Feb 22-Mar 22: 153
# of listings sold from Jan 22-Feb 22: 121
# of listings sold from Dec 22-Jan 22: 103
# of listings sold from Nov 22-Dec 22: 100
# of listings sold from Oct 22-Nov 22: 119
751 single family homes sold in the last six months in PC. Average number of homes sold per month over the last 6 months in PC: 125 homes
#sold (125 homes) X 12 (months) = 1500
divide 1500 by 52 weeks= 29 units per week
If 29 units sell each week divide that number into the number of active listings 29 divided by 1298 = 45 weeks is the absorption rate or about a years worth of inventory in Port Charlotte.

Port Charlotte condos and townhomes
# of listings in Port Charlotte= 202 active listings
# of listings sold from Mar 22-Apr 22: 11
# of listings sold from Feb 22-Mar 22: 20
# of listings sold from Jan 22-Feb 22: 12
# of listings sold from Dec 22-Jan 22: 6
# of listings sold from Nov 22-Dec 22: 8
# of listings sold from Oct 22-Nov 22: 12
69 condos and townhomes sold in the last six months in PC. Average number of condos sold per month over the last 6 months in PC: 12 condos
#sold (12 condos) X 12 (months) = 144
divide 202 by 52 weeks= 4 units per week
If 4 units sell each week divide that number into the number of active listings 4 divided by 202 = 51 weeks is the absorption rate or about a years worth of inventory in Port Charlotte.

North Port
# of listings in North Port= 999 active listings
# of listings sold from Mar 22-Apr 22: 153
# of listings sold from Feb 22-Mar 22: 165
# of listings sold from Jan 22-Feb 22: 155
# of listings sold from Dec 22-Jan 22: 126
# of listings sold from Nov 22-Dec 22: 127
# of listings sold from Oct 22-Nov 22: 138
864 homes sold in the last six months in NP. Average number of homes sold per month over the last 6 months in NP: 144 homes
#sold (144 homes) X 12 (months) = 1728
divide 1728 by 52 weeks= 33.23 units per week
If 33.23 units sell each week divide that number into the number of active listings 33.23 divided by 999 = 30 weeks is the absorption rate or 7 ½ months of inventory in North Port.\

Venice single family homes
# of listings in Venice= 819 active listings
# of listings sold from Mar 22-Apr 22: 79
# of listings sold from Feb 22-Mar 22: 69
# of listings sold from Jan 22-Feb 22: 67
# of listings sold from Dec 22-Jan 22: 54
# of listings sold from Nov 22-Dec 22: 67
# of listings sold from Oct 22-Nov 22: 63
399 single family homes sold in the last six months in Venice. Average number of homes sold per month over the last 6 months in Venice: 67 homes
#sold (67 homes) X 12 (months) = 804
divide 804 by 52 weeks= 16 units per week
If 16 units sell each week divide that number into the number of active listings 16 divided by 819 = 51 weeks is the absorption rate or about a years worth of inventory in Venice.

Venice condos and townhomes
# of listings in Venice= 461 active listings
# of listings sold from Mar 22-Apr 22: 34
# of listings sold from Feb 22-Mar 22: 31
# of listings sold from Jan 22-Feb 22: 23
# of listings sold from Dec 22-Jan 22: 16
# of listings sold from Nov 22-Dec 22: 19
# of listings sold from Oct 22-Nov 22: 20
143 condos and townhomes sold in the last six months in Venice. Average number of condos sold per month over the last 6 months in Venice: 24 condos
#sold (24 condos) X 12 (months) = 288
divide 288 by 52 weeks= 6 units per week
If 6 units sell each week divide that number into the number of active listings 6 divided by 461 = 77 weeks is the absorption rate or about a year and a half worth of inventory in Venice.

Punta Gorda
# of listings in Punta Gorda= 1616 active listings
# of listings sold from Mar 22-Apr 22: 95
# of listings sold from Feb 22-Mar 22: 85
# of listings sold from Jan 22-Feb 22: 69
# of listings sold from Dec 22-Jan 22: 58
# of listings sold from Nov 22-Dec 22: 53
# of listings sold from Oct 22-Nov 22: 71
431 homes sold in the last six months in PG. Average number of homes sold per month over the last 6 months in PG: 72 homes
#sold (72 homes) X 12 (months) = 864
divide 864 by 52 weeks= 17 units per week
If 17 units sell each week divide that number into the number of active listings 17 divided by 1616 = 95 weeks of inventory or nearly two years worth of inventory in Punta Gorda.

Osprey
# of listings in Osprey= 304 active listings
# of listings sold from Mar 22-Apr 22: 11
# of listings sold from Feb 22-Mar 22: 15
# of listings sold from Jan 22-Feb 22: 14
# of listings sold from Dec 22-Jan 22: 7
# of listings sold from Nov 22-Dec 22: 17
# of listings sold from Oct 22-Nov 22: 9
73 homes sold in the last six months in Osprey. Average number of homes sold per month over the last 6 months in Osprey: 12 homes
#sold (12 homes) X 12 (months) = 144
divide 144 by 52 weeks= 3 units per week
If 3 units sell each week divide that number into the number of active listings 3 divided by 304 = 101 weeks of inventory or about two years worth of inventory in Osprey.

Englewood
# of listings in Englewood= 1050 active listings
# of listings sold from Mar 22-Apr 22: 68
# of listings sold from Feb 22-Mar 22: 73
# of listings sold from Jan 22-Feb 22: 44
# of listings sold from Dec 22-Jan 22: 57
# of listings sold from Nov 22-Dec 22: 60
# of listings sold from Oct 22-Nov 22: 47
349 homes sold in the last six months in Englewood. Average number of homes sold per month over the last 6 months in Englewood: 58 homes
#sold (58 homes) X 12 (months) = 696
divide 696 by 52 weeks= 13 units per week
If 13 units sell each week divide that number into the number of active listings 13 divided by 1050 = 81 weeks of inventory or about a year and a half worth of inventory in Englewood.

Sarasota single family homes
# of listings in Sarasota= 2667 active listings
# of listings sold from Mar 22-Apr 22: 236
# of listings sold from Feb 22-Mar 22: 210
# of listings sold from Jan 22-Feb 22: 180
# of listings sold from Dec 22-Jan 22: 195
# of listings sold from Nov 22-Dec 22: 194
# of listings sold from Oct 22-Nov 22: 206
1026 single family homes sold in the last six months in Sarasota. Average number of homes sold per month over the last 6 months in Sarasota: 171 homes
#sold (171 homes) X 12 (months) = 2052
divide 2052 by 52 weeks= 40 units per week
If 40 units sell each week divide that number into the number of active listings 40 divided by 2052 = 51 weeks is the absorption rate or about a years worth of inventory in Sarasota.

Sarasota condos and townhomes
# of listings in Sarasota= 1876 active listings
# of listings sold from Mar 22-Apr 22: 119
# of listings sold from Feb 22-Mar 22: 91
# of listings sold from Jan 22-Feb 22: 79
# of listings sold from Dec 22-Jan 22: 49
# of listings sold from Nov 22-Dec 22: 73
# of listings sold from Oct 22-Nov 22: 67
478 condos and townhomes sold in the last six months in Sarasota. Average number of condos sold per month over the last 6 months in Sarasota: 80 condos
#sold (80 condos) X 12 (months) = 960
divide 960 by 52 weeks= 19 units per week
If 19 units sell each week divide that number into the number of active listings 19 divided by 1876 = 99 weeks is the absorption rate or about a two years worth of inventory in Sarasota.