At the end of the 3rd quarter of 2012, the Providence Plantation real estate market has gone from a buyers market to a sellers market. Just a year ago, Providence Plantation was a buyers market, with an absorption rate of 7.5 months. Now, at the end of September 2012, the absorption rate is a robust 5.32 months, meaning this popular neighborhood is now in a sellers market.
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Just What is “Absorption Rate?”
Absorption rate is an important real estate term that describes housing inventory. The absorption rate tells us how many months it would take to sell off all of the existing inventory (homes currently for sale) at the current rate of sales, and assuming no new homes come on the market. Providence Plantation’s current absorption rate of 5.32 months means that at the current rate of home sales in the neighborhood, it would take just over 5 months to sell all of the homes on the market. A balanced real estate market between buyers and sellers is 6 months. An absorption rate over 6 months means it’s a buyers market, and an absorption rate under 6 months is considered a sellers market.
Providence Plantation Market Absorption Rate
Why is the Absorption Rate Important?
For buyers, it is important to know the market absorption rate of a given area (neighborhood, school zone, zip code, or city) because if it is a buyers market, the buyer has more negotiating power because there’s more inventory available. Sellers are competing for buyers and offers, which drives housing prices lower.
For sellers, the absorption rate reveals how long, on average, it will take to sell their home. In a sellers market, there is less inventory, so buyers have less to choose from. Homes that are in great condition can expect to get LOTS of activity, and possibly even multiple offers and a bidding war. I have seen lots of multiple offers in South Charlotte since the spring – the real estate market in South Charlotte is definitely on the upswing!
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Providence Plantation Real Estate Expert
If you are looking to buy or sell a home in Providence Plantation, I would be happy to meet with you to discuss your plans. I have lived in Providence Plantation since 1998, and I’m proud to call this great neighborhood home! I’ve listed and sold lots of homes in Providence Plantation, and I have a very successful marketing plan to get homes SOLD! If you’ve read this blog post this far, you’re interested in Providence Plantation! Let me show you around!
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Providence Plantation is one of South Charlotte’s most popular neighborhoods because of its beautiful homes, large lots, top-ranked public schools, and fantastic and friendly lifestyle! This neighborhood is zoned for Providence Spring Elementary School, Crestdale Middle School, and Providence High School. Residents enjoy a great location close to shopping, restaurants and sports and recreation activities, especially our own Providence Plantation Racquet and Swim Club. So call today and let’s see how I can help YOU!
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- Providence High School in Charlotte – 2nd Highest Graduation Rate in NC
- Providence High School in Charlotte – One of NC’s highest ranked schools
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