What is the Absorption Rate when it comes to real estate? The Absorption Rate chart shows how long the current inventory of properties would last at the current rate of sales. If no new properties were added to the market, and sales continued at a steady pace, the Absorption rate indicates the number of months required to sell all the properties on the market. In a healthy real estate market this number should hover around a 3-Month average. As you can see the Gilbert, Arizona real estate market has been below that mark for over a year meaning demand has been slightly outweighing supply.
The busy Spring and Summer real estate market is quickly approaching and with only a 2.35 month supply of homes currently available we might see some stiff competition for homes that get put up for sale in the coming months. The good news for buyers is that more sellers tend to enter the Spring and Summer real estate market to counter balance the increase in buyer demand. However, the Gilbert. Arizona market is still seeing a high level of competition in the first time home buyer market. Homes in the price range between $200,000 to $300,000 are being bought up the quickest and some are receiving multiple offers within the first few weeks of being listed for sale. But armed with a little knowledge and a hard-working real estate agent from Zion Realty snapping up that perfect home before another buyer gets to it should be a little less stressful!
If you need more information on homes for sale in Arizona or to find out what your current home is worth contact us Today!