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Current Active in MLS (Active, Pending, Sold, Withdrawn, Expired) 287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Current Active MLS (Active, Pending, Sold, Withdrawn, Expired) - 160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.
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