Sometimes I feel like the grim reaper these days bringing the harsh reality to your attention, but I've gotta keep it real. I promise to end on a positive note!

I ran some numbers today to determine the ABSORPTION RATE in each price range in the 32804 zip code. The absorption rate is how many months it will take the market to absorb the current inventory, in other words, how many months' supply do we have in each category. To arrive at these numbers, I took how many homes have sold in the past year in each price range, divided that by 12 months, and then divided that into the number of active listings there are in each category. Here's what I found:

Under 100K: 26 month supply
100-200K: 14 month supply
200-300K: 12 month supply
300-400K: 23 month supply
400-500K: 16 month supply
500-600K: 36 month supply
600-700K: 36 month supply
700-800K: 9 month supply
800-900K: 28 month supply
Over 900K: There have been no sales over $900,000 in the past 12 months. In the past 2 years, the only single family homes sold over 900K were lakefront, with one exception, a house on Seville with over 7,000 sq/ft that sold for 2.5m. There was one condo in The Wellesley that sold for 1.3m in July of '07

If you have a house to sell, with the absorption rate we are seeing right now, staying ahead of the pack (best price, best condition) is essential.

Here's the good news. There are 44 pending listings that are scheduled to close. When they do, these numbers will be better. Also, there is some rumbling out there about trying to get the first time home buyer $8,000 tax credit payable at closing in the state of Florida. This will have a positive impact on sales.

Average rates ended the week last week at 5% on a 30 year fixed and 4.75% on a 15 year. Keep in mind these are averages. My clients are locking in lower than that.

CLOSED SALES: 5/11/2009 - 5/17/2009
4405 BUCKEYE CT: 2/1 - 900 sq/ft - $65,000
2626 ELIZABETH AVE: 3/2 - 1,809 - $362,000

OTHER MARKET ACTIVITY: 5/11/2009 - 5/17/2009
New Listings: 9
Pending Sales: 3
Price Reductions: 17

PRESENTLY ON THE MARKET: 5/17/2009
Active Listings: 288
Under 100K: 11
100K - 199,999: 57
200K - 299,999: 84
300K - 399,999: 51
400K - 499,999: 17
500K - 599,999: 18
600K - 699,999: 18
700K - 799,999: 5
800K - 899,999: 7
900K - 999,999: 7
Over $1,000,000: 13
Total Pending Sales: 44

The above numbers come from single family homes and condos listed in the MLS in the 32804 zip code. Please contact me for more specific information, or for statistics on commercial property or vacant land.