Just a few short years ago we were complaining about how many homes were on the market and how slowly they sold. Absorption rates were in the double digits.
Anoka County 2.7 Months
Carver County 3.5 Months
Dakota County 2.6 Months
Hennepin County 2.5 Months
Ramsey County 3 Months
Scott County 3 Months
Washington County 3 Months
Absorption rates are a calculation of how long it will take for all the homes on the market to be sold, or absorbed, at the current rate of homes sales. Absorption rates can change quickly. I love numbers and these numbers are in months, the data used came from the RMLS, (MLS) and is deemed reliable but not guaranteed. Sadly there are no guarantees in life. These are for the seven county metro area which is like the 13 county metro area except smaller and are for the last 30 days.
Not much has changed since last month. This doesn’t help the folks that owe more on their homes than they can sell them for. Prices are up but no where near 2006 levels.
If you are a buyers and have your eye on a home make an offer before someone else does. The inventory of homes is low and the inventory of homes that are priced correctly is even smaller. We still have some sellers out there who have the attitude that they will wait until they get their asking price, I don’t consider those sellers to be motivated sellers and they should be avoided by both home buyers and real estate agents.