Seabrook, Washington's Beach Town, has had it's worst year of real estate sales since 'The Great Recession'.
Sales are low.
Extremely low.
The Seabrook housing market is in a state of desperation.
Inventory is up dramatically. And, the average number of days on the market for listed homes is more than 200-days.
For anyone looking to buy, the market has fallen dramatically.
There is no urgency amongst potential buyers as they see the flood of homes coming on to the market and staying on the market.
Currently, Seabrook has 20 new homes (or property) listed for sale with an average price of $1.2M.
From October to November, Seabrook did not sell a single new home.
Seabrook currently has nine (9) resale homes listed for sale listed by their sales staff; and another five (6) homes for sale listed by outside agents.
In total, Seabrook currently has 35 homes for sale, which represents nearly 20% of all the homes built there.
Looking at things as they stand, such as demand and pricing, why would you expect sales to pick up? The only thing we are seeing is that inventory is sharply rising but prices are not coming down.
However, having inventory rise every month is definitely going to add more supply to the market which means buyers will have more options.
But the reality is, Seabrook's inventory has been elevated for some time now. What is really happening here is there is no demand for Seabrook housing at the current prices.
The majority of homes in Seabrook are second-homes and vacation-homes. The Seabrook real estate market reacts quickly to changes in the overall economy faster than other areas because it's a barometer on people's non-essential spending.
Sales volume in Seabrook has dried up. Sales have sunk. They are currently non-existent. And this is happening while inventory is up.
It will be interesting to see what happens this winter as winter is usually a seasonally slower period. The large rise in inventory and lack of buyer demand is a very telling and signals a slowdown at Seabrook is upon us.
The only question that remains is if this rise in inventory will translate into price corrections.
