The number of months it takes a seller to sell a condo decreased 33% from October 2009 to February 2010. In October, the absorption rate stood at 20 months and it is now at 13.5.
The most dramatic drop is in Wellfleet where the rate dropped from 39 months to 7.8, followed by Provincetown with a drop from 35.1 months to 12.2.
What does this all mean? It is a positive indication that the sale of condos has picked up significantly. The absorption rate of single family homes is now only 2% better at 11.3 months, the closest the two have been in over two years.