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Nevada A Winner In Absorption Rates
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, a 30.9 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.
((hugs)) BETH Ellyn
The Las Vegas Real Estate Concierge
Managing State Broker, Nevada
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I like to be a pioneer.I I am the founding state broker for Nevada for eXp. I am agent 61 out of over 15,000 now. I was in the first class of women to graduate from Yale. I've had my real estate licen....