Colonial Place Norfolk VA - Neighborhood Absorption Rate

I was thinking today about my recent sale in the Colonial Place neighborhood. (See blog). What a great house! I hope the buyers are happy there.

I started wondering how things have been going since the late spring when this house went under contract and it closed in mid-summer.

For absorption rate (that is the rate at which the current inventory of homes on the market will sell based on recent sales), I looked at most recent 30 days sales. That was depressing = 8 months of inventory! In other words, it will take 8 months to sell all of the homes on the market in Colonial Place, assuming no new homes are listed for sale. Because we are well into the slow market, I took another look. If you look at most recent 3 months of sales to figure the absorption rate, things look better. That would be about 25 weeks of inventory... Here is a look at the recent (90 days) home sales....

This is a great neighborhood, so if you are considering buying a home in Norfolk Virginia, look at Colonial Place! Great, strong civic league, close to shops and restaurants, easy walking distance to ODU, Close to downtown Norfolk.

Map Courtesy of Colonial Place RiverView Civic League Website.

Norfolk Real Estate

Norfolk Real Estate Blog