Our lateness in getting the September Market Reports published is somewhat of a commentary on current market activity in and of itself! This short week hasn’t helped either. October has seen us working with more new Buyers and Sellers than we would have thought for this time of year. But, we would love to see more Buyers interested in some of our exceptional Bath properties!
As we saw in Brunswick, September has fewer closings, fewer pending sales and fewer current listings than the previous month in Bath.
Compared to Bath’s August numbers, Current Listings decreased by 10 to 88 at the end of September, the number of Pending Home Sales decreased from 19 to 17, and only 7 Bath Home Sales closed in September, compared to 13 closed sales in August.
Looking at Absorption Rates, during the past 6 months, Bath had a total of 79 sales of single family homes, or an average of 13.17 home sales per month (the same as we saw in Topsham). With 88 current listings, that would translate to 6.7 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!