An absorption report is a tool used to determine trends in your local real estate market.
- How many homes are for sale in the area? Note: Homes listed with an agent only – For Sale by Owners are not included in these reports.
- How long is it taking them to sell?
- How many have sold in the last 90 days?
- What price ranges are selling fastest?
It is basically a bird’s eye view of the supply and demand in your real estate market and is a way to do a spot check of current market conditions.
Remember, an absorption report is only a snapshot of the current market and the percentages change each time a new listing comes on the market or an existing listing sells.
When reviewing these reports, keep in mind that a balanced real estate market has a 5-6 month supply of homes for sale. Less than that creates a sellers market, while more creates a buyers market.
Algiers, LA absorption rates as of 4/13/2008
Algiers - 70131
With a 14.9 month supply of homes on the market, Algiers zip code 70131 is still firmly in a buyers market. The bright spots are in the $140,000-$180,000 price range which is showing signs of recent activity increases.
Algiers – 70114
Algiers zip code 70114 is up and down in the various price ranges, but the overall 13.9 month supply of homes for sale keeps it in the range of a buyers market, with the exception of the $100,000-$120,000 and the under $60,000 ranges.
Algiers Point
Algiers Point home sales continue to lag behind the rest of the West Bank, with a 22.4 month supply of homes for sale, the majority of them priced over $250,000.
English Turn
English Turn is still a buyers market with the exception of the under $400,000 price range, where there is a shortage of homes for sale. If you are an English Turn home owner who is willing to sell for less than $400,000, the odds are very good that you can do that in a fairly short time frame.
[...] Algiers, LA: April 2008 Real Estate Market Absorption Rates [...]