Despite my best attempt at publishing and truly understanding these numbers, I continue to get confused whenever I attempt to update these monthly numbers.
I refer back to Kristal Krafts post on Absorption Rate here and calculate the following numbers prescribed but I am still baffled. I “feel” the market improving but these numbers are telling a different story.
# of Active # Under Contract Absorption % Weeks
Ridgewood 101 44 31% 37
Saddle River 56 10 143% 24
Bergen County 3330 848 43% 17
The median price of homes on the market in each of these areas:
Saddle River $1,899,000
Bergen County $470,000
If I don’t start to make sense of these numbers on a month-to-month basis sometime soon, I am going to stop this reporting. It’s not due to lack of interest, I would just like these numbers to be a meaningful reflection on the market and I’m not getting that!
Advice and/or insight would be welcome….so feel free to comment away!