In real estate, the absorption rate quantifies the association between supply and demand. The average computation for the absorption speed takes the variety of houses that are accessible and divides that by the amount of houses sold over a span to ascertain the length of time it takes the marketplace to consume, or sell, all the properties. Absorption speed isn't a precise science, nor do all Realtors use the same methodology. I don't use pending sales in my computations, meaning I don't add houses that are in various phases of the purchase contract procedure. They're not sold but, technically, they're not accessible either. Assuming they do sell, then they're going to count towards sales. If not, then they'll return the available stock type. In the previous six weeks, Oakland has passed a raft of policies that guarantee to have a long-term effect on the city's future transport and development. This is all being done as part of the city authorities reorganization, creating a new Department of Transportation to strategize better and organize transportation planning and building.
Narrowing the absorption speed for a special area and even further to an individual price point can help both sellers and buyers in initially determining the nature of their local marketplace and, if it's a buyers or seller's market, create their cost so. As Chris Sudore mentioned in his post last month, the high-end marketplace is selling at a slower rate than the market for properties priced under $2 million. Over the last month, you can see from the adjoining graph that there were 26 closed sales in the areas that we monitor. Without delving deeper into various price points and particular regions, this tells us that overall we're still very much in a seller's market with just 1.7 months of stock, if houses continue to sell at the present rate. The guideline is that more than half of capital tells us that we're in a buyers market, a balanced marketplace is considered three to six months of available stock and a seller's market is less than three months of stock readily available.
A number of closed sales fell by 16 percent. Inside my perspective, this is and has been a narrative of small stock in our close knit and treasured areas. Oh, and the city only posted a job listing for the long-term DOT Director. A national search has started for the right man for what might be the most impressive job in planning accessible right now. Tumlin gives credit to the high degree of local public support for changes, an excellent team, and the city's readiness to align civil worth with the mechanics of government. The reorganization is giving the city a chance to step back and reconsider its priorities, from which it's taken full advantage. This tactical plan will act as a backdrop and framework for future policies and programs. Arielle Fleisher at SPUR composed an in-depth report and evaluation of the program. In it, she points out some of the plans high points.
OakDOTs tactical strategy shows a keen understanding of the nexus between freedom and chance, prioritizing strategies to make sustainable modes of transport accessible to everyone. OakDOT doesn't just recognize the impact of transport prices on affordability the Bureau lays out a series of policies to allow it to be straightforward and affordable for all Oakland residents to get around with no car. These strategies include: supporting incorporate fare payment among transit operators; enhancing accessibility to a motorcycle, auto and ride-sharing alternatives for residents of all income levels; and increasing late night transport options. Population growth in Seattle is active. But what's less clear is the future status of our transportation system network we have a ways to go before we enjoy San Francisco's BART process, or the metros of bigger, better-planned cities. In the 1960s, our small seaside town was slated for a metro system when the Feds were handing out stimulation cash, but we passed.
As OakDOT executes its vision for good transfer, the Bureau will have to be aware of how this notion will affect, among other priorities, its hallway method of planning. By way of example, OakDOT will have to determine, with community input signal, if its aim will be to optimize transit ridership or extend the reach of transportation system outside high-ridership zones. Hand in hand with the tactical plan, the parking policy reform the city only passed contains some very Shoupian measurements. Included in these are dynamic pricing at parking meters to create more parking where it's most in demand a policy being analyzed in downtown Oakland and splitting the expense of parking from the cost of renting a home or unbundling parking. The latter can lower living expenses for individuals who don't have automobiles and, united with the city's recent removal of parking minimums for new developments, will allow it to be less expensive to construct new home too. These are the types of forward-thinking strategies that, taken collectively, can make a city a more satisfying place to be, offering travel options that enable individuals to get safely where they would like to go without having to get in an automobile.