Knowing the absorption rate in your area is a great asset when looking to purchase or sell a home in Winnetka. The absorprion rate is actually a formula that tells you how long the current inventory of homes would take to sell if no new homes came on the market.
In other words, it's the rate at which the market absorbs or eliminates current inventory. It determines this by the current rate of home purchases made by buyers.
In general it is agreed that less than 5 months worth of inventory is a seller's market and more than 5 months is a buyer's market (with some middle ground being a stable market.)
It's interesting to see how this changes as the parameters change. Here are the absorption rates for various types of properties in Winnetka:
The hottest properties in Winnetka right now are homes that are priced between $1-2 million and condos. I have been saying for years that Winnetka is sorely lacking in condo availability. Very close to being hot are homes under $1 million.
Also interesting is that both 4 and 5 bedrooms homes are equally popular. And not surprisingly, homes priced over $2 million are very much in the buyer's market category.
If you have a condo and are thinking of selling, now would be an ideal time for you to net a quick sale with a good price.