Sewalls Point Residential Market Report February 2013

Sewalls Point Real Estate Snapshot, Residential Sales for February 2013

There are currently 55 active listings (an increase of 6 home for sale from January)

17 Residential sales are pending and awaiting close or lender approval (an increase of 10 homes from January)

2 Homes sold in January (Unchanged from January)

February was the second month in a row of slow sales in the Sewalls Point real estate market in Stuart, FL.  But it appears that this may be the end of this trend as pending sales more than doubled to 17 homes and the inventory came back to approximately normal levels after some historically low numbers.

The absorption rate now stands at 27.5 months.  This is a strong buyers market again.  A 6 month absorption rate is considered a balanced market where neither the seller nor buyer have an advantage.

Comparing the results to February of 2012, the inventory was 66 homes homes on the market, 9 pending sales and there was only 3 closed sales.  Similar sales from last year, but much better pending sales, portending increased sales for the next few months.