I recently completed an appraisal in Skimino Landing Estates in upper York County, Virginia. The table below shows trends for the subdivision over the past year.
Skimino Landing Estates
Absorption rates have increased from 0.33 for the first three quarters of the year, to 0.67 for the last quarter of 2009. It appears the increased sales are attributed to the lowering of prices in the subdivision (median sales price trended down). When priced correctly, it appears there is a market for the homes. Based on an absorption rate of 0.67, and six current listings, this calculates to a 9 months supply of inventory.
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