Sourced through Scoop.it from: mred.stats.10kresearch.com
If no new construction single family homes in Lincoln Park were to come on the market it would take over 10 months at the current rate of sales for the market to absorb the current supply of housing. That is up from a low of 5.8 months last year in September (2014) and at a level we have not seen since Sept 2012 when it hit 10.2 months. That 10.1 month absorption rate is up 21.1% from last year.
While new construction is still the king of the market in terms of buyer demand that rate of sales is slowing and the question is why. It is consistent with my luxury market sales and rising market times for both new and resale luxury residences.
They’re taking longer to sell contrary to media articles that seem to come out almost daily.