Sewalls Point Residential Market Report July 2013

Sewalls Point Real Estate Snapshot, Residential Sales for July 2013

There are currently 47 active listings (a decrease of 5 homes for sale from June)

 7 Residential sales are pending and awaiting close or lender approval (Down 3 from last month)

3 Homes sold in June (A decrease of 5 homes from June)

The Sewalls Point residential real estate market for July 2013 eased off from the strong gains made in the first half of 2013.    The inventory is down again to only 47 homes available for sale and both future (pending) sales as well as closed sales showed decreases from last month.  Slower activity during the summer months is not an unexpected event, as we need to look at the trends for the entire year to get a true picture of the local real estate market.

The absorption rate jumped to 15.7 months.  A strong buyers market.  A 6 month absorption rate is considered a balanced market where neither the seller nor buyer have an advantage.

Comparing the results to July of 2012, the inventory was 56 homes on the market, 14 pending sales and there were 5 closed sales.  Unfortunately, this year’s numbers are weaker than July 2012 results.

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