Where is the Market Today?
Friday, September 5, 2008
Where is the Market Today?
Submitted by: Peter Zimmer
By far the most popular question when people find out that I'm in real estate..."So, how's the market?" Most of the time, all they really want is a simple "pretty solid" or "kinda tough right now" followed by some small statistical nugget they can then share with their friends so they can, for a brief moment, sound like an expert.
Well here is a small statistical nugget for everyone to share. It's called an Absorption Rate. The Absorption Rate is roughly how long it will take the current homes on the market to sell. It’s an estimate, based on the current number of lisings and solds. The National Association of Realtors has stated that, in a normal market, the absorption rate is about 6 months. Anything less is considered a seller's market, and anything more--a buyer's market.
Ready for the nugget? Right now, the absorption rate for condos and townhomes in the Greater Cincinnati area is.....almost 14 months!!!
Okay, so what does that mean to you? It is a great time to be looking at condos/townhomes! Prices are great, and you just can't beat the amount of selection on the market right now.
So, have fun sounding like an expert while you share that little nugget with your friends! And if you ever want more info, as always, I'm here to help!
Well here is a small statistical nugget for everyone to share. It's called an Absorption Rate. The Absorption Rate is roughly how long it will take the current homes on the market to sell. It’s an estimate, based on the current number of lisings and solds. The National Association of Realtors has stated that, in a normal market, the absorption rate is about 6 months. Anything less is considered a seller's market, and anything more--a buyer's market.
Ready for the nugget? Right now, the absorption rate for condos and townhomes in the Greater Cincinnati area is.....almost 14 months!!!
Okay, so what does that mean to you? It is a great time to be looking at condos/townhomes! Prices are great, and you just can't beat the amount of selection on the market right now.
So, have fun sounding like an expert while you share that little nugget with your friends! And if you ever want more info, as always, I'm here to help!
