Interesting what the absorption rates of local communities around Greater Portland can tell us about what is selling in the market place these days.
Below I have outlined by community at various price points the absorption rates (the rate at which it would take the market to "absorb" or sell all current inventory at the current rate of sales given that no new inventory is listed).
Absorption rates showing a supply of 6 months of inventory notes a balanced market. Above 6 months notes a buyers advantage. Below 6 months notes a sellers advantage. Not surprisingly, the absorption rates signal that under $250k in most communities is where the properties are selling most often.
Note: This table calculates the sales over the past 6 months (September '08 - February '09), divides by 6 to calculate the number of sales per month. The Current listings on the market are then divded by the sales per month to come to the values below per price point for Single Family Property.
Absorption Rates for Single Families - based on Current data March 11, 2009.
PRICE Portland S.Portland Windham Scarborough Gorham Wsbk Falm Yarm Cape Eliz.
und 150k 2.0 7.0 8.0 2.0 14.0 4.7 - 4.0 -
150-200 3.6 4.0 7.0 3.8 5.4 4.4 12.0 - -
201-250 5.6 6.3 6.5 7.5 6.5 11.1 6.0 2.0 48.0
251-300 17.6 10.0 22.8 8.4 15.4 10.8 18.0 13.5 18.0
301-350 11.5 12.0 6.0 8.8 8.2 - 6.0 15.0 24.0
351-400 15.4 18.0 14.0 10.4 18.0 12.0 22.5 9.0 -
401-450 15.6 12.0 - 21.6 18.0 - 7.0 - -
451-500 - - 6.0 16.0 24.0 - 16.0 30.0 48.0
501-600 18.0 6.0 - 7.2 - - 8.4 24.0 -
601-700 33.0 - - - - - 10.8 - -
Note: The following table takes into account Current AND Pending (under contract, not yet sold) properties using the same formula as above to factor in all property, which assumes that any property that has not yet sold is Current.
PRICE Portland S.Portland Windham Scarborough Gorham Wsbk Falm Yarm Cape Eliz.
under 150k 5.2 15.0 11.3 6.0 16.0 6.7 - 4.0 -
150-200 6.6 6.2 9.9 5.3 6.0 6.5 18.0 1.5 -
201-250 8.0 8.7 8.3 9.0 10.0 12.5 7.0 6.0 54.0
251-300 18.9 13.0 28.8 9.6 17.1 12.0 27.0 13.5 24.0
301-350 14.2 12.0 8.3 8.8 8.7 - 7.2 15.0 24.0
351-400 16.3 18.0 14.0 10.9 18.0 18.0 25.5 9.0 -
401-450 15.6 12.0 - 24.0 18.0 - 8.0 - -
451-500 - - 6.0 20.0 24.0 - 18.0 36.0 48.0
501-600 27.0 6.0 - 7.2 - - 10.2 24.0 -
601-700 33.0 - - - - - 10.8 3.0 -
Wsbk = Westbrook, Falm = Falmouth, Yarm = Yarmouth, Cape Eliz. = Cape Elizabeth
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