Market Update - December 2013
Abbotsford 13% Absorption Rate (good for Buyers)
Mission 10% Absorption Rate (good for Buyers)
Langley 23% Absorption Rate (good for Sellers)
Absorption Rates Explained
If we have 100 homes on the market and we consume (sell) 18-22 (18%-22%) of these homes per month that is a balanced market, fair for buyers and fair for sellers.
If we sell under 18% it becomes a Buyers market with a lot of inventory for buyers to choose from. Sellers will have to make some price adjustments or do some minor updates such as increase curb appeal to attract a buyer.
If we sell over 22% it becomes a Sellers market. Buyers will find themselves in multiple offer situations and potentially loose out on the house the are bidding on.
If you would like a market update of any other city listed here, simply email me and we are happy to get one out to you at no cost or obligation.
