Average Sales price:
Monmouth had a 5.5% drop in the average price of a home from the same time frame last year. Last year’s third quarter average was $218,387 followed by this year’s $206,515.
30 day Absorption Rate/Inventory:
Monmouth has a current absorption rate of 9. This places the current inventory at 5.6 months. A neutral market!
Home Sales Closed:
There was a 13% drop in the volume of homes sold since the 2007 3rd quarter. This volume drop is an indicator of a stabilizing market if the inventories are staying low. The nice normal inventory, coupled with a mild 5% correction is indicating that Monmouth is heading towards stabilization. A couple more quarters of good stats like this, and we can call it stabilized, but one quarter would be premature.
(c) Copyright, 2008. Melina Tomson, All Rights Reserved (ie…be nice and create your own content. Don’t steal mine…)