The residential market on June 9, 2020 shows several things. First, Active Listings declined from 442 shown on May 8th’s report to 370 Active Listings today. Combining the two pending status categories, there was an increase of 85 Properties under agreement from the May report. That should help increase June’s monthly closing numbers, but May had 156 Closed Properties, off 42.40 from the prior five-year May average. Under Contract homes jumped up to 400 while New to One Year dropped to 43 available.
On the Market Summary report the Absorption rate is 2.48. This year two homes $500,000+ have closed and 7 are Under Contract to close and nine homes $400,000-$499,000 are Under Contract.
The May’s decline in closed properties could reflect both the impact from the coronavirus response and the limited residential inventory. Active Properties have been receiving multiple offers and show a limited time on market at closing.
Month by Month
Current Inventory of Homes (6-09-2020)
- Absorption Rate - 2.44
- Active - 370
- Under Contract - 400
- New to One Year - 43
- Condos - 12
- Manufactured Homes - 20
- Townhomes - 10
- Bank Owned - 07
Total Site - Built Homes Available = 350
The absorption rate in the real estate market is used to evaluate the rate at which available homes are sold in a specific market during a given time period. It is calculated by dividing the number of homes sold in the alloted time period by the total number of available homes.
- 2.44, Last Year 3.58
Current Market Summary
The latest local sales data, historical trends, and current market summary.
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