The 1st Quarter has ended for the Town of Derry and the absorption rate figures are in. Derry ended last year strongly gripped in a Buyer's Market with an absorption rate of 7.89 months, this meant that at years end it would take approximately 7.89 months for the inventory that was on the market to be sold. Any time the absorption rate for an area is above 6 months, the market is considered to be a Buyers Market.
Derry's 1st quarter results show that it is still strongly gripped in a Buyer's Market and that its market position has worsened. The absorption rate for Derry has moved up to 9.14 months, which means that it will take even longer to move the current inventory than it did at the beginning of the year. Derry Sellers need to take the absorption rate of their Town into consideration when marketing their home, since the market is showing that it continues to be weak. There may be a few factors to consider when looking at Derry's number, first is that this is the Spring Market and more homes due come on at this time;also, foreclosures are still hitting the market pretty hard and are accounting for a lot of the inventory that is out there. Lastly Buyers appear not to be coming out in the numbers that would help drop the absorption rate in Derry.
When marketing your property it is always important to be aware of current market trends, any changes and how it may effect you. I have over 10 years of experience in Real Estate and I consider myself someone who can bring my experiences to assist any Seller in marketing their property. If you are considering selling your home, you need to have someone with the expertise and experience to help you navigate the ever changing waters of the Real Estate Market, so call me so that I can assist you with your largest financial dealing.