Absorption Rates for Bellingham – 3-15-10

Absorption rate is average number of homes sold per month over a particular period of time. The months to sell is a reflection of the absorption rate, how long it will take to sell the current inventory at the said absorption rate.

The Pending Ratio is  the number of homes currently under contract compared to the number of homes available for sale .

This is a very interesting way to look at the market, as of today:

Average List Price $471,675  Days on the market 108

Median List Price $370,000     Days on the market 54

Price Range Active Listings Monthly Absorption Rate Pending Past week/Total Months to sell Current Inventory Pending Ratio
           
Up to $199,999 32 9.1 5/29 3.5 91%
200,000-299,999 147 32.9 9/61 4.5 41%
300,000-399,999 120 17.3 6/25 6.9 21%
400,000-499,999 79 7.6 3/6 10.4 8%
500,000-599,999 48 3.8 1/5 12.6 10%
600,000-699,999 25 2.3 0/5 10.9 29%
700,000-799,999 17 1.4 0/1 12.1 6%
800,000-899,999 14 .8 0/0 17.5 0%
900,000-999,999 5 .4 0/0 12.5 0%
1,000,000-1,999,999 29 .8 0/0 36.3 0%
2,000,000+ 3 .1 0/1 30 33%
Totals 519 75.8 24/134 6.8 26%

It looks like a buyers market under $400.000 as conventional wisdom goes anything less than 6 months inventory is a buyers market.

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2 Responses to Absorption Rates for Bellingham – 3-15-10

  1. Robert says:

    Michael: Always interested in seeing your writings re:Bellingham and more so, this useful piece on absorption…I wonder if this trend will be influenced by today’s Fed announcement?

    Robert

    • Michael says:

      With the Fed’s pledge to keep record-low rates for an “extended period,” means interest rates will hopefully remain low for home mortgages as well, which should keep the housing market going.

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