Single Family Absorption Rates December 2008
The amount of single family home inventory on the market rose in December 2008 compared to the same month one year ago.
The above graphic covers single family home inventory in three Massachusetts markets: Franklin, MA itself; the greater Franklin market region and the entire MLS for Massachusetts.
In all three markets, housing inventory rose. What this means is simply that there were more single family homes sitting unsold on the market in December 2008 compared to December 2007.
The rate of inventory build-up was greatest in the Franklin market, although it is important to note that the overall number of months of homes for sale remained the lowest in Franklin compared to the entire Massachusetts MLS and also the regional market surrounding Franklin, MA.
There was approximately a 5.8 months’ supply of single family homes for sale in Franklin, MA in December 2008. This was an increase of over one full month’s supply compared to the 4.6 months’ inventory of single family homes for sale in Franklin back in December 2007.
The degree of inventory increase was smaller in the other two markets covered in this post: the greater Franklin market region saw about a half month’s inventory increase (8 months up from 7.5 months the year before) while the MLS as a whole experienced about a 0.8 month’s increase (7.75 months compared to December 2007’s 7 months).