Knowing the absorption rate in your area is a great asset when looking to purchase or sell a home in Glenview. The absorption 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.
The absorption rate categories look like this:
In Glenview, the absorption rate for various parameters looks like this for the past 12 months:
Anything priced under $500,000 is selling out very rapidly - the absorption rate is less than 2 months! For all price ranges, Glenview has a healthy balanced market at 5.75 months turnover rate. Same for homes priced between $500,000 and $1 million and all 4 bedroom homes.
However, if you are selling a luxury home in Glenviw, over $2,000,000, then it becomes a buyer's market with an 11.25 month absorption rate.
If you would like more information about selling or buying a home in Glenview, please call me! 847-977-6024.