Sewalls Point Single Family Market Report October 2019

Sewalls Point Real Estate Snapshot, Residential Sales for October 2019

There are currently 37 active listings (Down by 3 homes from last month)

14 home sales are pending and awaiting close or lender approval (Up by 6 homes from September)

2 Homes sold in September (Decreased by 3 homes from September)

The single-family real estate market in Sewalls Point had another decrease in closed sales for October.  Pending sales though are looking strong which should result in better-closed sales in the coming months..  The available inventory of homes for sale has now shrunk to pretty small numbers.

The absorption rate jumped up to 18.5 months, in September it was 8.0 months.  A strong buyer’s market for the Sewalls Point single-family home market.  A 6 to 7-month absorption rate is considered a balanced market where neither the seller nor buyer has an advantage.

Comparing the results to October 2018, the inventory was 57 homes on the market, 6 pending sales and there were 7 closed sales.  There was considerable greater sales activity last year on a much larger inventory of available homes for sale.  Pending sales, on the other hand, are stronger this year.