KERRIN SEARS, Prominent Properties Sotheby's International Realty Phone: (860) 539-3402
Email: [email protected]
Email: [email protected]
Absorption rates indicate how long it takes to sell homes in a given market. A six-month absorption rate indicates a balanced market, so buyers and sellers equally benefit during this environment.
New Jersey Market Updates:
While inventory across NJ counties has increased slightly in the last month compared to the previous 3 months, levels remain well below what is needed to meet today's demand. Various towns across the area have absorption rates that remain below 1. Today’s market remains firmly in the sellers’ market category. In order to move to a more balanced market we will need to see sharp inclines in inventory levels (see chart below), which will be hard to achieve at today's current rate of new offerings.
National Insights:
Sellers have a great opportunity this season as buyer demand still heavily outweighs the current supply of homes for sale. According to the National Association of Realtors (NAR), today’s housing inventory sits at only a 2.6-month supply.
That same NAR data also shows today’s inventory of single-family homes is trailing behind the level we saw last year (see graph)
Because of the ongoing supply challenges, buyers can feel like they’re wandering across a vast, empty desert when searching for their next home. That means your house could provide an oasis for buyers thirsty for options – and it could increase the chances of buyers entering a bidding war for your home.
The latest Realtors Confidence Index Survey from NAR shows houses are receiving an average of 3.8 offers. A multiple-offer scenario lets you select the best offer and gives you incredible leverage when you sell this fall.
Buyers today are looking for relief as they wander today’s inventory desert. Listing your house this fall – before more options appear – gives your house the best chance to be noticed by multiple buyers. If you are thinking of buying or selling or if you are looking for more information on a specific town let's connect.
