Absorptions Rates are very important in deciding whether to list your home or how to price your home. I did a little research yesterday on my area and this is what I found in the City of Lynchburg, Va.
The criteria I used is Lynchburg, Va., price range $125,000-$180,000, Lynchburg School District for 3 and 6 months.
In the last 6 months 73 Homes have closed in Lynchburg, Va. in this criteria.
The average homes sold per month - 12
Current Active in MLS (Active, Pending, Sold, Withdrawn, Expired) 287
Month Supply of Inventory to be Absorbed IF NO OTHER HOMES COME ON THE MARKET - 24 months
% Probabiiity of Selling - 25%
In the last 3 months 36 Homes have closed in Lynchburg, Va. in this criteria.
The average homes sold per month - 12
Current Active MLS (Active, Pending, Sold, Withdrawn, Expired) - 160
Month Supply of Inventory to be absorbed IF NO OTHER HOMES COME ON THE MARKET - 13 months
7.5 % Chance of selling your home in 30 Days!
What do all these numbers mean? It means that we have more then a 6 months supply of homes on the market which is an unbalanced market. There are not enough buyers to purchase the supply.
What does this mean for a seller? If means you must price your home to sell, stage your home to sell and be patient.
Brenda Moore, Associate Broker
Licensed in the Commonwealth of Virginia
JOHN STEWART WALKER, INC.
434-258-7670 mobile
434-385-6655 office
Office Location
3211 Old Forest Road
Lynchburg, Va. 24501
Absorbtion rates are important. I like the way you use them to prepare your sellers to price and prepare the home properly, and then be patient. Hope your market activity picks up soon.