How fast are homes selling, is a question that as a REALTOR I answer on a regular basis. To rephrase the question just a bit would be to ask, what is the Absorption Rate for homes Northeast Atlanta? In real estate, the absorption rate is the length of time that the market will take to absorb a home that is in average condition and price for the area. To calculate the absorption rate for an area you take the number of homes on the market in the area and divide it by the number of homes that sold in that area in the last month. Let’s look at some local absorption rates:
|
Area |
Homes Listed |
Sold Last Month |
Absorption Rate |
|
Alpharetta |
1198 |
136 |
8.81 Months |
|
Berkeley Lake |
27 |
0 |
??? |
|
Braselton |
213 |
15 |
14.2 Months |
|
Buford |
615 |
70 |
8.79 Months |
|
Cumming |
1472 |
173 |
8.51 Months |
|
Dacula |
437 |
45 |
9.71 Months |
|
Duluth |
628 |
69 |
9.10 Months |
|
Grayson |
185 |
20 |
9.25 Months |
|
Johns Creek |
242 |
35 |
6.91 Months |
|
Lawrenceville |
1539 |
198 |
7.77 Months |
|
Lilburn |
460 |
48 |
9.58 Months |
|
Norcross |
389 |
42 |
9.26 Months |
|
Roswell |
784 |
93 |
8.43 Months |
|
Snellville |
747 |
74 |
10.09 Months |
|
Suwanee |
638 |
83 |
7.69 Months |
|
Total |
9574 |
1101 |
8.70 Months |
So what do these numbers tell us? The most glaring fact is that, even though the absorption rate is improving, we remain in a buyer’s market. For sellers, do everything in your power to make your home standout form the crowd. Your best bet to beat the absorption rate for your area is to properly prepare your home for sale, present your home in an above average condition, be priced competitively and secure as much exposure as possible for your home.
While the Absorption Rates in the chart above are by city and cover all prices, I can provide you with the absorption rate for your neighborhood and price point. To beat the absorption rate in today’s market you need a good paper towel…that’s where sellers need me. My job is to help sellers understand how to beat the absorption rate in their market.
Feel free to contact me for a confidential one on one marketing consultation…I’m here to help!
{ 2 comments… read them below or add one }
This is great information and it shows an improvement over the last two years! While still in a buyers market, days on market seems to be lowering. Higher priced homes still have challenges as the lending arena is still very tight, however, it appears we are on the upswing! The best advice is still to hold off selling unless your TRULY have to. Good luck!
Good post. Berkeley Lake looks to be having a little trouble – infinite absorption rates are never good!
Phil Sexton´s last blog ..MLS Connect brings ARMLS info into ZipForms