Sewalls Point Market Report – Residential, October 2011

Sewalls Point Real Estate Snapshot, Residential Sales for October 2011

There are currently 43 active listings (a decrease of 10 homes for sale from September)

14 Residential sales are pending and awaiting close or lender approval (Up 5 from September)

Only 1 Home sold in October (Down 3 from September)

In October of 2011, only 1 home was sold in Sewalls Point, Florida.  This home was a waterfront home on North Sewalls Point and sold for 94% of the listing price.  Buyers were represented by our office.  The inventory for Sewalls Point declined for October as we had an increase in pending sales to 14 homes and a number of sellers have allowed their homes to go off the market.

Lower inventory and hope for more future sales is a good signs as we enter the winter season and next year.  As the holidays approach we may have some softening of the market as both buyers and sellers tend to be more occupied with family and the distractions of the season.

Sewalls Point Market Report – Residential, September 2011

Sewalls Point Real Estate Snapshot, Residential Sales for September 2011

There are currently 53 active listings (an increase of 16 homes for sale from August)

9 Residential sales are pending and awaiting close or lender approval (Down 4 from August)

4 Homes sold in September (unchanged from August)

In September of 2011, 4 homes were sold in Sewalls Point. No change from August. This includes one $4,000,000 plus, sale for a beautiful waterfront home. September showed a marked increase in inventory which turned around a long trend of decreasing inventory.  The extra supply will have a negative effect on this local hypermarket and will most likely depress prices for the coming months, unless there is enough demand to reduce the inventory.  As our winter season approaches, we may very well have more increased inventory as the season for snowbirds (seasonal residents) and retirees becomes more active.

This increase in inventory is also attributable to many sellers trying to time the market as well as a reaction from recent relatively good sales for the past spring and summer seasons.  Most efforts to time the market, especially when made in relatively large numbers become self-defeating as in this trying market, this increase in inventory may just drive the market a bit lower.

However, for buyers, especially those who can obtain financing, there hasn’t been a more attractive real estate market in decades.  There are some savvy buyers getting excellent deals for homes at prices equivalent to 10 or 11 years ago.

This will be an interesting season to watch!