Sewalls Point Residential Market Report October 2013

Sewalls Point Real Estate Snapshot, Residential Sales for October 2013

There are currently 47 active listings (a decrease of 2 homes for sale from September)

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

5 Homes sold in September (Up by 3 homes from September)

After a disappointing September, a little increased activity for October for the Sewalls Point residential market activity.  Sales increased to 5 homes (up from only two for September).  Pending sales remained unchanged, and not particularly good.   Inventory decreased by two homes.  The holiday season will soon be here which typically results in less foot traffic, but often some good sales numbers.

The absorption rate dropped to 9.4 months after last months atrocious 24.5 months.  Still a buyer’s market.  A 6 month absorption rate is considered a balanced market where neither the seller nor buyer have an advantage.

Comparing the results to October of 2012, the inventory was 47 homes on the market, 17 pending sales and there were 7 closed sales.  Unfortunately, for Sewalls Point, 2013 is well under performing from last years numbers.

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

Sewalls Point Residential Market Report September 2013

Sewalls Point Real Estate Snapshot, Residential Sales for September 2013

There are currently 49 active listings (an increase of 3 homes for sale from August)

7 Residential sales are pending and awaiting close or lender approval (Up 1 from last month)

2 Homes sold in August (A decrease of 5 homes from August)

The Sewalls Point residential real estate market is having a slow summer.   For September 2013 sales were down significantly as only 2 homes sold.  Pending sales were up by 1 home, though still not a very high number.  We are into the slower months of our real estate market and there is also a lot of unease with the current economy, so we will hope for an increase in activity soon.  Though it may not happen till after the holidays.

The absorption rate jumped dramatically to 24.5 months.  Once again into a 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 September of 2012, the inventory was 50 homes on the market, 20 pending sales and there were 3 closed sales.  The biggest difference from last year is the much lower pending inventory in 2013.  Not a good sign for sales in the immediate future.

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