Absorption Rates 23507 Norfolk VA

Just did some preparing for a listing appointment. I wanted to have some information available on market time for this potential listing. I took a look at recent sales and current listings to determine some estimated absorption rates for this particular property...

This is an area of GHENT in Norfolk VA. It is a great residential area, close to shops, downtown, dining, schools, etc. The information from my analysis varies depending on criteria used - no surprise there!

Looking broadly in GHENT Norfolk VA, there are about 132 homes for sale including single family detached and attached. In the past 6 months, 64 homes have sold for a 6 month month rate of about 10 per month. That means, simple math here, that it will be about 13 months before all homes are sold in my selected area.

Since the above review was broad, I wanted to highlight the exact zipcode for this property. In 23507, there are 39 attached single family homes for sale and 71 total homes for sale. Looking at the totals, 39 are pending or sold in 6 months with a target rate then of 6.5 homes per month. With 71 homes to sell, that is about 11 months to absorb the current listings.

For just the attached listings, 22 have been pending or sold in 6 months for a rate of 3.66 homes sold per month. With 39 current listings, the absorption of those homes could take 10 or 11 months.

This is food for thought for my potential sellers. The key will be to price it right from the start!

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