Sewalls Point Residential Market Report November 2013

Sewalls Point Real Estate Snapshot, Residential Sales for November 2013

There are currently 46 active listings (a decrease of 1 home for sale from October)

7 Residential sales are pending and awaiting close or lender approval (No change from last month)

1 Homes sold in October (Down by 4 homes from October)

The November Sewalls Point residential market activity was a bit disappointing.  Only 1 closed sale for November.  Inventory decreased by 1 home and pending sales were also low at 7 homes (unchanged from last month).  Hopefully, this is a result of the slower holiday time period and not an indication of future market activity.

The absorption rate skyrocketed to 46 months compared to last months 9.4 months.  A serious 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 November of 2012, the inventory was 41 homes on the market, 10 pending sales and there were 8 closed sales.  Not a good sign as last years’ activity was considerably better than 2013.

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