Absorption Rate drops to "2 months of inventory"
The absorption rate is what I like to look at to really get a feel for what is going on in the market. What is the absorption rate? The absorption rate is the rate that the current inventory gets absorbed (or sold) in a given month. A small number tells me that more homes are being sold than going on the market. A larger number tells me that more homes are coming on the market than being sold.
What is happening in Adams Township? Well, it appears that homes under $200,000 are in demand right now. In January of 2010 we had a 11 month housing supply which meant that based on that current months of sales and based on the current homes on the market, it would take 11 months to sell them.
In March, April and May .... activity looked better and better! The months of housing supply dropped from 6.5 months in March to 5.5 months in April and then 2 months in May! That tells me that now is the time to get your home on the market because you have LESS competition (less competing homes on the market).
The average active price was $155,000
The average sold price was $165,000
The average sold to list price difference was 98%
The average days on the market was 83
* All info from TrendGraphics and based on data at the end of May 2010. All data supplied to TrendGraphics by the West Penn Multi List.