Intown Market Update for December

(Absorption Rate is a good indicator of what is going on – it shows the number of months it takes to for a home to sell).

Avondale
Absorption rate dropped to about 5 from November to December. That means
average house was on the market 90 days. A average list price dropped slightly to around $180,000

Riverside
The absorption rate in December was also around 5. Days on market holding steady at only 30 days, as a result,median list price rising quickly from $200,000 to $240,000.  The sold to list ratio is also rising.

Springfield
The absorption rate dropped slightly but is still around 9. The number of listings available is staying between 80 and 100 over the last 9 months. Sold/sale volume increasing, suggesting heavy competition for properties. Current median sale price about $80,000.

Murray Hill
Listings being dropped reflects oversupply. That trend could be tuning around already as absorption rate approaching you guessed it…5. However, the median list price is still more then $10,000 over actual sale price so buyers might have a little negotiating space.

St Nicholas
Absorption rate …5. Prices seem to be dropping temporarily  as new median list prices and sold median list prices are at just under $64,000. Number of listings is also dropping so that trend could be reversing soon. Good news is price reductions seem to be working as absorption rate also at 5 from over 7 less then 1 year ago.

North shore
Number of listings has dropped in the last few months and absorption rate is not 5 but instead near 0 so if you are considering selling expect quick results. Prices have been stable but should rise do to the supply shortage. Average list price is between $60,000 – $70,000.

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