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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