Sewalls Point Residential Market Report January 2013

Sewalls Point Real Estate Snapshot, Residential Sales for January 2013

There are currently 49 active listings (an increase of 13 home for sale from December)

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7 Residential sales are pending and awaiting close or lender approval (a decrease of 1 home from December)

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2 Homes sold in December (Down 4 from December)

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Closed sales were off for the Sewalls Point market report for January 2013.  Pending sales were also off slightly.  This is the second month of decreasing market activity for Sewalls Point.  However, inventory rose sharply in January and this will result in much improved numbers for the coming months..  Now only 36 homes available.  This is approaching historic low levels for Sewalls Point.

The absorption rate now stands at 24.5 months, quite a jump from last December’s 6 month absorption rate.  This is a strong buyers market again.  A 6 month absorption rate is considered a balanced market where neither the seller nor buyer have an advantage.

Comparing the results to January of 2012, the inventory was at 59 homes homes on the market last year, 11 pending sales and there was only 3 closed sales.  Considering the inventory is 11 homes less this year, the January 2013 activity is fairly similar if not a small bit stronger than last year.