Figure out the absorption rate and whether it's actually slowing down.  

Please don't forget to mention your goal for which you are using the tools.E.x: Looking for an investment property anywhere in the nation and trying to narrow down scope by tracking population migrations and housing starts/absorptions. 

In addition to listing high yield markets, the research report outlines low vacancy markets, total return markets, affordable markets (% of rents relative to income), and other key measures affecting prices and rent growth, including unemployment, job growth, unit absorption, and population growth.The materials below are free after you create an account. http://www.marcusmillichap.com/research/researchre...

My first step is to do a market snapshot of the area's current apt inventory, pricing, absorption, trends, etc. to get a better understanding of whether or not this construction project will make sense for the area and thus be profitable.My problem has been finding good resources for apartment data (let alone retail) for the area.

also absorption rates.. 

Absorption is quick!

Some caught the bus and sold high, but many sellers have now missed the bus and may have to catch the next one or take an alternate route (lower selling price).However if your a buyer (depending on your purpose of purchasing) in the next month is likely a great time to buy and possibly get a deal so look out for them.I also know that banks are tightening their lending re. their property portfolios and some are tapped out all together from the recent absorption of property here.

Get access from a realtor to MLS data regarding absorption rates.

@Timothy DoengesShort answer...depends.Long answer...really depends.It depends on location, builder, debt/capital stack, absorption, build-out (construction type, materials, etc), lot impedance (watershed, topo/grading, utilities, etc), jurisdiction (entitlements, zoning, etc).

On new projects the timing is everything especially the larger projects as they take longer from start to finish.If you have a 250 unit complex at an absorption of 10 a month that is a little over 2 years to get fully stabilized.