We have not seen an overall Absorption Rate this low in the Fall since 2008 (and it was at 47.27 October 7, 2008). With the number of homes still on the market, we are seeing happier sellers, especially as the number of Foreclosures seems to be dwindling down. I was told by an agent that we are seeing amazing low numbers with our inventory, and suggesting to his sellers that now is the "time". I agree, things are getting better, but I think his enthusiasm is misaligned (or misinformed). Our inventory numbers are the same as June 4th 2012, and we are 4% below last year's inventory in the beginning of October. (*I am just trying to keep you informed, it frustrates me when agents start to "talk" about the market with no research or data to back up their statements (assumptions).
The article below was posted earlier today... http://marcwhitehomes.com/frame.shtml?http://realtytimes.com/rtpages/20121001_realestateoutlook.htm
Real Estate Outlook: Housing Starts Rise
By Carla Hill
New housing starts were on the rise for the month of August according to HUD and the U.S. Census Bureau. This 2.3 percent rise was prompted by gains seen in the single-family sector.
The National Association of Home Builders (NAHB) reports that "the pace of new construction rose in every region for a combined 5.5 percent gain to 535,000 units." This is fastest seasonally adjusted rate in more than two years.
(Full story linked above)
*For a copy of the most recent Market Update (Market Absorption Rate 2012-10-01) please don't hesitate to call or email me at anytime.
Marc White
Marketing Specialist, ABR, ePro, GREEN, GRI, zPro
Broker in Charge, Cash Realty & Construction
Call/Text 828-406-2134
Search 1,000s of Homes Instantly at www.MarcWhiteHomes.com
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