Nassau & Suffolk County Absorption Rates
An absorption rate is simply the time necessary to sell ALL homes on the market at the current rate of sales. The information compiled here highlights the 12 month, 6 month and 3 month absorption rates, with the 3 month measuring the most active period in yearly real estate sales. A low number is good and would represent a seller’s market. Average absorption rate in an “equal” market is 5 to 6 months. 7 or more months represent a buyer’s market as you can see from the slide below.
While absorption rates in other parts of the country is way down, many locations in both Nassau County and Suffolk County are languishing, most likely due to the fact that New York State is a judicial state. That means that foreclosure proceedings must go through the court system which currently entails about 3 years if the homeowner hires an attorney.
Want to see how your town compares to others? See Absorption Rates Here! Don’t see your town listed and are curious? Send me an email with your town and I’ll add it to the next update toward the end of October. Don’t understand what all this means? Whether you see your town listed or not, drop me a note with your return email address and I’ll send you a detailed analysis for your town.
As always, feel free to contact me with any real estate questions or concerns.
P.S. Although this blog was posted in 2013, you can see updated absorption rates for Nassau and Suffolk county towns covering the span from July 2017 to June 2018 by clicking here.