Sewalls Point Market Report – Residential, January 2012

Sewalls Point Real Estate Snapshot, Residential Sales for January 2012

There are currently 59 active listings (an increase of 1 home for sale from December)

11 Residential sales are pending and awaiting close or lender approval (An increase of 3 from December)

3 Homes sold in December (Down 2 from December)

After a fairly good December of 2011, January was pretty tepid for the Sewalls Point housing market.   We only had three sales in January as opposed to 5 in December, two of these sales were in the middle price ranges for Sewalls Point above $450,000 (sales price).  Inventory remains quite high for Sewalls Point.  On a brighter note, pending sales were up to 11 an increase of 3 from last month.

Comparing the results to January of 2011, the inventory is down from 65 homes, pending sales were 9 last year, and 2 homes sold. Other than a lower inventory, the numbers are almost identical to a year ago.

Sewalls Point Market Report – Residential, December 2011

Sewalls Point Real Estate Snapshot, Residential Sales for December 2011

There are currently 58 active listings (an increase of 9 homes for sale from November)

8 Residential sales are pending and awaiting close or lender approval (Down 5 from November)

5 Homes sold in December (Up 2 from November)

In December of 2011, we saw a slight increase in sales from November in the Sewalls Point, Florida real estate market.  Most of the sales for December were solidly in the mid-price category for Sewalls Point real estate. Inventory was up by 9 units which is close to a 20% rise while pending sales were off by 5 homes.

Comparing the results to December of 2010, the inventory is down from 67 homes, pending sales were 9 last year and 4 homes sold.  Other than a lower inventory, the numbers are almost identical to a year ago.

Sewalls Point Market Report – Residential, November 2011

Sewalls Point Real Estate Snapshot, Residential Sales for November 2011

There are currently 49 active listings (an increase of 6 homes for sale from October)

13 Residential sales are pending and awaiting close or lender approval (Down 1 from October)

3 Homes sold in November (Up 2 from October)

In November of 2011, e saw a slight increase in sales from October in the Sewalls Point, Florida real estate market.  Of note is that two of these sales were in the higher price ranges of just under $900,000 for a nonwaterfront home and above $1,200,000 for an older waterfront home.  Inventory crept up a little from last month while pending sales remain virtually unchanged (down 1).

Interestingly the active and pending numbers are almost identical to last November, but sales are up as has been the trend for most of this year.  If sales continue at the pace of last year, we may very well find a significant decrease in inventory as well as a lack of well-priced homes on Sewalls Point.  In our experience with this market, it will be difficult to convince buyers to pay a large premium for the privilege of living in this desirable neighborhood, so we may see some slowdown if the inventory doesn’t keep pace.

Sewalls Point Market Report – Residential, October 2011

Sewalls Point Real Estate Snapshot, Residential Sales for October 2011

There are currently 43 active listings (a decrease of 10 homes for sale from September)

14 Residential sales are pending and awaiting close or lender approval (Up 5 from September)

Only 1 Home sold in October (Down 3 from September)

In October of 2011, only 1 home was sold in Sewalls Point, Florida.  This home was a waterfront home on North Sewalls Point and sold for 94% of the listing price.  Buyers were represented by our office.  The inventory for Sewalls Point declined for October as we had an increase in pending sales to 14 homes and a number of sellers have allowed their homes to go off the market.

Lower inventory and hope for more future sales is a good signs as we enter the winter season and next year.  As the holidays approach we may have some softening of the market as both buyers and sellers tend to be more occupied with family and the distractions of the season.

Sewalls Point Market Report – Residential, September 2011

Sewalls Point Real Estate Snapshot, Residential Sales for September 2011

There are currently 53 active listings (an increase of 16 homes for sale from August)

9 Residential sales are pending and awaiting close or lender approval (Down 4 from August)

4 Homes sold in September (unchanged from August)

In September of 2011, 4 homes were sold in Sewalls Point. No change from August. This includes one $4,000,000 plus, sale for a beautiful waterfront home. September showed a marked increase in inventory which turned around a long trend of decreasing inventory.  The extra supply will have a negative effect on this local hypermarket and will most likely depress prices for the coming months, unless there is enough demand to reduce the inventory.  As our winter season approaches, we may very well have more increased inventory as the season for snowbirds (seasonal residents) and retirees becomes more active.

This increase in inventory is also attributable to many sellers trying to time the market as well as a reaction from recent relatively good sales for the past spring and summer seasons.  Most efforts to time the market, especially when made in relatively large numbers become self-defeating as in this trying market, this increase in inventory may just drive the market a bit lower.

However, for buyers, especially those who can obtain financing, there hasn’t been a more attractive real estate market in decades.  There are some savvy buyers getting excellent deals for homes at prices equivalent to 10 or 11 years ago.

This will be an interesting season to watch!