View These Graphs. Has This Real Estate Market Bottomed?

The charts below are for the Lakewood Ranch real estate market. Do you think this market has bottom?

Here is the chart of homes for sale, pending and sold for the the last 5 years.

In October of 2006 there were 1,773 homes for sale in the Lakewood Ranch area. In April of 2011 there are 270 homes for sale. Quite a difference eh?

Absorption Rates

Here are the absorption rates % for the 5 years of Lakewood Ranch homes. In April of 2006 the absorption rate was 2.6%. In April of 2011 the absorption rate is 18.5%.

Months of Inventory

The above chart are months of inventory based on closed sales. In April of 2006 Lakewood Ranch had 39 months of inventory. In April of 2011 there is a 5.4 month supply of homes for sale.

Has this market bottomed?