Happy Columbus Day! The Fall foliage colors are hitting peak in the Southern Mid-Coast Region and this week is shaping up to be a busy one for us, working with both Buyer and Seller clients.
September saw more closings, but fewer pending sales and fewer current listings than the previous month in Topsham. Even though October is usually a good sales month, it looks like market tapering for the upcoming holidays and winter months has already begun in Topsham. We shall have to wait and see what October brings to town!
Compared to Topsham’s August numbers, Current Listings have decreased by 3 more to 62, the number of Pending Home Sales decreased from 21 to 14, and 15 Topsham Home Sales closed in September, compared to just 9 sales in August.
For something different this month, we thought we’d look at Absorption Rates. Absorption tells how fast you might expect a home to sell, or how aggressive (or not) you might have to be to be able to make a purchase.
If we look at the past 6 months, Topsham had 79 sales of single family homes, or an average of 13.17 home sales per month. With 62 current listings, that would translate to 4.7 months worth of inventory. Remember, 6 months of inventory is considered a Balanced Market; More than 6 months of inventory is considered more favorable to Buyers (a Buyers’ Market); and Less than 6 months of inventory is considered more favorable to Sellers (a Sellers’ Market).
If you’ve been watching the recent stock market activity, real estate may seem like a great investment, and mortgage interest rates remain at 12-month lows.
Contact us today if you have questions, or want to start the Home Buying or Home Selling process!