REAL ESTATE STATISTICS RIVER CREEK HOMES FOR SALE SEPTEMBER 2013....LITTLE ACTION!
These statistics are a reflection of September 2013 Statistics for The River Creek Golf Community. If you would like to see more specific statistics for your area, i.e. a different zip code or a specific price range and geography please click here and make your request.
TOTAL RIVER CREEK HOMES FOR SALE IN SEPTEMBER 2013
In September 2013 there was a total of 1 home sold in River Creek. This was down from 5 from the previous month. The only home sold was a townhome.
AVERAGE RIVER CREEK PRICES IN SEPTEMBER
The average price for Patio and Town homes was $539,000 down from the previous month. There were no single family detached homes that closed in September.
AVERAGE DAYS ON THE MARKET FOR RIVER CREEK HOMES FOR SALE IN SEPTEMBER
The great news for attached product sellers is that this continues to be a sellers market with low inventory and decreasing days on the market. It is currently a Buyer's Market for Detached homes with inventory representing a 7.7 month supply. Average Days on the Market for townhomes and patio homes decreased from 56 days in August to 16 days in September.
ABSORPTION RATE STATISTICS FOR RIVER CREEK HOMES FOR SALE
So what is absorption rate? Absorption Rate is how many homes are sold in a given period of time. So if 120 homes sold in the last 12 months, then the absorption rate is 10 homes per month. So why is this important? It is only through absorption rate that one can define a market in terms of a Sellers Market, Buyers Market or a Balanced or Normal Market.
WHY IS ABSORPTION RATE IMPORTANT?
Because it determines how quickly homes move on and off the market....and you want to know that right? So you know how long it will take you to sell your home if priced properly, so you can make that move for your job, or buy that move-up home, or be able to predict with some level of certainty how long you have to keep your house clean and have people going through it when you have it for sale.
RIVER CREEK REAL ESTATE STATISTICS - ABSORPTION RATES
Okay so the absorption rate for Townhomes & Patio Homes is: 47 sold in the last 12 months or 3.9 per month. The absorption rate for Single family detached homes is: 25 sold in last 12 months or 2.1 per month.
PUTTING IT ALL TOGETHER!
So to make sense of all this you need to know the current inventory of homes so, as of October 7th here is the scoop! There are 16 Townhomes or other attached homes on the market which represent about 4.1 months of inventory. This is the second straight month of double digit inventory in this category. There are 16 single family homes on the market that represent 7.7 months of inventory which represents a continued Buyer's Market in this segment.
According to the National Association of Realtors:
A Sellers market is defined by 1-4 months of inventory
A Normal Market is defined by 5-6 months of inventory
A buyers Market is defined by 7+ months of inventory
So the attached product is in a Sellers market and the Single Family Detached homes are in a Buyers Market.
Thats about it for now for River Creek Real Estate Statistics for September 2013. See you next month!