Active listings were about flat in the month ending 1/21  in all three counties.  There was however a huge drop in closings over the month that stared with the Christmas holidays and that has caused the absorption rate to increase massively overall in each county. 

From the prior weeks report there was no town with a decrease in its absorption rate. The weakest towns are Union, Chatham and Westfield with rates of 18.6%, 18.8% and an unbelievable 32%.  They were the weakest towns in the prior report as well. Only 5 homes closed in Westfield in the month ending 1/21/09 with over 160 homes on the market, over a 2 1/2 year supply of homes.

We are still feeling the effects of the last quarter 2008 slowdown in activity as it usually takes a minimum of 30 to 45 days from Contract to Closing.  When we do the numbers next week,  Christmas week will be out of the picture and these horrific numbers should drop.

See the complete report here.