The absorption rate measures how long it will likely take a building’s active inventory to be sold based on its recent sales over the past 6 months. Generally it is considered a balanced market when the homes take from six to nine months to sell. If the rate is less than six months, meaning homes sell faster, it is considered a Seller’s market. If the rate is over 9 months, and they take longer to sell, it is considered a Buyer’s market.
Although the South of Fifth neighborhood and each of these buildings continue to reflect a Seller’s market, there is still some variation in how each is measured. Some have more sales than others, some sell at higher prices, and others move at a faster pace. While these luxury waterfront towers continue to be among the most desirable properties to own in the South of Fifth neighborhood, their sales statistics vary depending on what is being measured.
Apogee and Murano both had 7 sales in the past six months, and both currently have units on the market for sale. Because Apogee only has 3 units for sale as compared to Murano’s 11, the Absorption rate of Apogee is under 3 months versus nine months at Murano. Icon, Murano Grande and Continuum North Tower have similarly low rates as can be observed on the chart by the number of recent sales being greater than the number of units on the market. Continuum South Tower, with among the most units recently sold, still has many more units on the market than the other buildings, which is reflected in a slower absorption rate.
