As you can see by the chart, Oregon and Minnesota were the big winners. But Nevada did pretty darn well.
What is absorption rate anyway? It is a good technical barometer of your real estate marketplace.
There are three pieces of information you need to find absorption rate:
The specific time frame
The number of sold homes during that time frame
The number of active homes right now
For example, if there are 100 homes listed for sale in a Las Vegas and 10 sold over the last month, the absorption rate is 10/100=10%.
According to CoreLogic, which did the national calculations, Nevada's absorption rate in December 2014 was 24.1 percent. Last December it jumped to 31.5 percent, a30.9 percent increase. Proof our market is picking up. (But you already knew that!)
What does this mean for you? Sellers, now is a good time to sell your house because people are buying them.
Buyers: As the absorption rate goes up, it becomes harder to find a house because you are competing with more buyers. Be sure you are pre-approved, not pre-qualified. And make your first offer reasonable if you really want the house. Someone else out there will understand it's value and beat you to the punch.
Trust eXp Realty and our team of real estate agents to help you find homes for sale or to sell your current home. We recognize the level of service that the mobile consumer demands. You have information. You have dreams. We possess experience, integrity, and innovation. Together we create leverage to make your dreams a reality.
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"Working with eXp Realty was a pleasure. When we started, we had no idea what we wanted, but our buyer agent helps us figure out the pros and cons of all our options. Our agent went the extra mile willing to put in the extra effort to answer our questions, to make sure we were happy with our decisions, and educated about the market and local area."