PPSQFT calculated using condos only. However, only 1, 2, and 3+ bedrooms are shown on this chart. The difference between 100% and the total percentage shown by neighborhood equals the excluded studios. 1-4 families are excluded from this analysis.
The
Absorption rate is 1.85 months.
See the attached picture of the absorption rate over time. The absorption
rate is a number that describes how many months it will take to see off the
current inventory at the current rate of sales. We had 54 under contact listings last month and we have 100 active listings. So at the current rate of 54 under contact listings per month, it would take 1.85 months (100/54) to sell off the current
inventory. See the chart attached as a photo to see how absorption rate
has fluctuated over time.
The absorption rate is often thought of as the factor that indicates if we are in a sellers' or buyers' market.
Generally if there is more than 4 months of
inventory it's a buyers' market. Less than 4 months it's a sellers'market. Prices are down but so is the inventory.
Another key factor is listing date to contract. See the quarterly review and consult an agent. Outlyer scan skew these numbers.
See the embedded document below for Price Per Square Foot by bedroom and neighborhood so you can understand how location effects price.
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