What is the absorption rate for 3 bedroom condos in 60631?

Asked by , 60631 Thu Jun 19, 2008

An answer to another question on Trulia suggested determining absorption rates for different housing types within an area. There are blogs in chicago that do this for other areas (north side) but I haven't seen anything in my neighborhood. Thanks for sharing your expertise and opinions!

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Eric Marcus, Agent, Chicago, IL
Thu Jun 19, 2008
In the last 12 months in 60631 there have been 6 sales of 3 bedroom condos. Right now there are 8 active 3 bedrooms for sale. This would yield an absorption rate of 16 months. This means that at the current rate of sales it would take 16 months to clear all the active inventory.

To determine the absorption rate you take the number of active properties divided by the number that have sold in the last 12 months and multiply that 12.

A 16 month absorption rate would indicate a serious buyers market!

Send me a note if you would like to see a calculation of the absorption rate based on the last 6 months sales and the last 24 months sales. This can help determine if the market is getting better or worse. With such a small sample size though these numbers are not that reliable, you would probably want to look at the total number of all 2 bedroom condos and up.
Web Reference:  http://www.esmrealty.com
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