Real Estate conditions are improving!
Absorption rates are a common measure of how fast homes are selling. Here, for example, the absorption rate for South Orange has dropped from 8 or 9 to 4.7. This means at the rate that homes are selling now (20 in the last 30 days), it would take 4.7 months for all the listings available (94) to sell. If these rates begin to stay under 5 we will gradually be moving from a buyer’s market toward a seller’s market.