Below are the most recent statistics for Foxbank Plantation located in Moncks Corner SC. Note that this does not reflect the whole month of December 2008. Sales picked up tremendously in November which may be attributed to a string of new homes which were recently completed and then bought.
This graph can help tremendously with finding out the neighborhood absorption rate. Absorption Rate is the ablitiy of the real estate market to sell off its inventory of homes. Take the number of homes sold in the last 11 months (80) (note that I am not counting December) and divided that by 11 (number of months). That gives you a 7.27 absorption rate for Foxbank.
The graph also shows that there are 38 homes currently on the market in that neighborhood. Divide 38 by the absorption rate of 7.27 and that gives you the total months of inventory which in this case is 5.22 months. This general rule is that 6 months of inventory is a balanced market. Less than 6 months is a sellers market and more than six month inventory is a buyers market.
Michael J. Johnson
843-817-5299
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