What does absorption rate mean?

What does the absorption rate have to do with the type of market in NW Wisconsin?

The rate of absorption shows how quickly properties are turning over. As shown on the chart at right, it can take over 8 months to sell the current inventory at the current rate of sales. In November 2019, there is a 12.5% probability of selling in any given month. To sell, a property must be positioned in the top 12.5% in terms of price and value.

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