Sewalls Point Residential Market Report May 2013

Sewalls Point Real Estate Snapshot, Residential Sales for May 2013

There are currently 58 active listings (a decrease of 3 homes for sale from April)

[singlepic id=3617 w=600 h=600 float=center]

[singlepic id=3618 w=600 h=600 float=center]

17 Residential sales are pending and awaiting close or lender approval (No change from April)

[singlepic id=3619 w=600 h=600 float=center]

7 Homes sold in April (An increase of 3 homes from April)

[singlepic id=3620 w=600 h=600 float=center]

[singlepic id=3621 w=600 h=600 float=center]

[singlepic id=3622 w=600 h=600 float=center]

 For May, in the Sewalls Point residential real estate market picked up steam from the previous month, with an additional 3 sales, for a total of 7.  Pending sales were unchanged while the inventory of available homes decreased to 58.

The absorption rate dropped to 8.3 months.  Still a buyers market in Sewalls Point, but only slightly.  A 6 month absorption rate is considered a balanced market where neither the seller nor buyer have an advantage.

Comparing the results to May of 2012, the inventory was 66 homes homes on the market, 18 pending sales and there were 6 closed sales.  Similar numbers to last year, but when the lower inventory is factored in, the market is much stronger this year.