Sewalls Point Homes for Sale and Sold Report March 2014

Sewalls Point Real Estate Snapshot, Residential Sales for March 2014

There are currently 61 active listings (an increase of 1 home for sale from February)

 17 Residential sales are pending and awaiting close or lender approval (Up by 6 homes from last month)

4 Homes sold in February (Up by 3 homes from February)

After a very slow February, the Sewalls Point market activity for March 2014 is showing some good improvement.   While we had only 4 closed sales, it’s still much better than the single closed sale for February. Additionally, with 17 pending sales, it appears that closed sales should do much better in the coming months.  Active inventory rose by only 1 home.

The absorption rate is currently 15.3 months compared to last months 60 months, a nice improvement, but still plenty of room for improvement.  It’s been a strong buyers market for Sewalls Point in the past 2 months.  A 6 to 7 month absorption rate is considered a balanced market where neither the seller nor buyer have an advantage.

Comparing the results to March 2013, the inventory was 57 homes on the market, 15 pending sales and there were 5 closed sales.  Marginally better activity last year.

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Sewalls Point Homes for Sale and Sold Report February 2014

Sewalls Point Real Estate Snapshot, Residential Sales for February 2014

There are currently 60 active listings (an increase of 6 homes for sale from January)

11 Residential sales are pending and awaiting close or lender approval (Up by 7 homes from last month)

1 Homes sold in January (Down by 8 homes from January)

A difficult month for closed sales for the Sewalls Point market activity for February 2014.   Only 1 closed sales for February, even though this sale was at a nice price point, this is not a good number.  Inventory rose again for the second month in a row.  And, a glimmer of good news as pending sales rose from last month indicating a good sign pf more closed sales coming in the future.

The absorption rate shot up to 60 months compared to last months 6 months.  Not a good rate for sellers.  A 6 to 7 month absorption rate is considered a balanced market where neither the seller nor buyer have an advantage.

Comparing the results to February 2013, the inventory was 55 homes on the market, 17 pending sales and there were 2 closed sales.  As in many of our other areas, we are continuing to see increased inventory.  Unfortunately, the market activity has decreased from February of 2013.

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Sewalls Point Homes for Sale and Sold Report January 2014

Sewalls Point Real Estate Snapshot, Residential Sales for January 2014

There are currently 54 active listings (an increase of 11 homes for sale from December)

4 Residential sales are pending and awaiting close or lender approval (Down by 4 homes from last month)

12 Homes sold in December (Up by 4 homes from December)

Mostly a strong start for the Sewalls Point market activity to begin 2014.   Up to 9 closed sales for January, which is a nice increase.   There was also a nice jump in available homes for sale this month.  The only negative was a decrease in pending sales, which will most likely result in a smaller number of closed sales in February.

The absorption rate decreased to 6 months compared to last months 8.6 months.  Now a balanced market in Sewalls Point.  A 6 to 7 month absorption rate is considered a balanced market where neither the seller nor buyer have an advantage.

Comparing the results to January 2013, the inventory was 49 homes on the market, 7 pending sales and there were 2 closed sales.  As in many of our other area, we are beginning to see increased inventory.  Also, better closed sales as there is more homes to choose from.

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Sewalls Point Homes for Sale and Sold Report December 2013

Sewalls Point Real Estate Snapshot, Residential Sales for December 2013

There are currently 43 active listings (a decrease of 3 homes for sale from November)

8 Residential sales are pending and awaiting close or lender approval (Up 1 home from last month)

5 Homes sold in November (Up by 4 homes from November)

After a disappointing November, the Sewalls Point market activity rebounded a bit for December 2013 to end the year fairly well.   Back to 5 closed sales for December.   The inventory decreased again and pending sales had a slight increase.

The absorption rate decreased to 8.6 to  months compared to last months 46 months.  Still a slight buyers’ market.  A 6 to 7 month absorption rate is considered a balanced market where neither the seller nor buyer have an advantage.

Comparing the results to December of 2012, the inventory was 36 homes on the market, 8 pending sales and there were 6 closed sales.  Interestingly we have a higher inventory this year and 1 less sale.  Still better numbers than last month.

Please use the charts below as reference only as they rely on all residential types of property in the Sewalls Point real estate market: