Archives: August 2009

2009 Cape Cod (MA) Condos Listed/Sold Comparisons

  

This beautiful condo in a waterfront community that is being offered at $317,000 is an example of good buys awaiting Cape Cod condo buyers.

This beautiful condo in a waterfront community that is being offered at $317,000 is an example of good buys awaiting Cape Cod condo buyers. Click on the picture for full details and a virtual tour.

 
       
       
  Current Sold Absorption
Town Listings 6 Mo. Rate
       
Barnstable 94 35 16.1
Bourne 43 20 12.9
Brewster 63 28 13.5
Chatham 21 5 25.2
Dennis 83 21 23.7
Eastham 14 4 21.0
Falmouth 72 24 18.0
Harwich 46 8 34.5
Mashpee 105 46 13.7
Orleans 37 11 20.2
Provincetown 187 32 35.1
Sandwich 28 6 28.0
Truro 56 10 33.6
Wellfleet 26 4 39.0
Yarmouth 90 36 15.0
       
TOTAL 965 290 20.0

What does this mean?

Since the absorption rate for condo sales in a balanced market is usually around 5 months, a 20 month absorption rate means that the number of condos available exceeds the number of potential buyers. This would indicate that buyers still have the advantage in negotiating sales prices and conditions.

Lobster on the Lawn Mondays

Now that the summer is winding down, it’s time to do those things that you wanted to do all summer but somehow never got to do.

Lobster on the Lawn Mondays

Families on the Lawn in Falmouth, MAEvery Monday night during July and August from 5:30 to 7:30 pm, Saint Barnabas Episcopal Church in Falmouth Village serves all meat lobster rolls with all the trimmings for just $15 per person. My wife Mary Beth and I finally made it this past Monday. Hundreds of locals and visitors gather on the church’s expansive lawn. Tables and chairs are provided, but many people bring blankets and sit right on the grass. They also offer free PB & J with juice, chips and a cookie for kids under age 10.  Finally, you get a choice of lemon meringue or blueberry pie…of course mine was blueberry!

Community Atmosphere

Part of the attraction is the casual community atmosphere that permeates the evening. Frisbees, flying footballs, and even a life-sized lobster are part of the fun, and you can end the evening with a stroll down Main Street.

There’s Still Time

The program wraps up for the summer on August 31.

Until next time, Steve

An Overview of the 2009 Falmouth Condo Market (Through July 31)

 2009 Falmouth Condo Market Overview
  Dec. 31, 2008 May 15, 2009 July 31, 2009
Units on the Market 56 76 68
Average Sales Per Month 4.5 3 4
Absorption Rate* 12.4 Months 25.3 Months 17 Months

*Absorption Rate: The number of months that it would take for all Falmouth condos presently on the market to be sold. A balanced market is around 5 months.

  Dec. 31, 2008 May 15, 2009 July 31, 2009
Sales % of Original List Price 85.3% 85.2% 89.5%
Sales % Of List Price 92.7% 94.57% 94.1%

 

Here are some Falmouth Real Estate  statistics by price range: 

  $0-$299,000 $300,000- $399,000 $400,000- $499,000  $500,000 and up
Listings 14 19 18  13
Sold (6 Months) 9 6 4  5
Pending 5 2 1  1
Average Days On Market 188 257 92 267

 

Cape Cod Real Estate Positives:  

  1. The fact that the number of Cape Cod condos listed for sale is down 11% is a good sign.
  2. The absorption rate is also down.

Cape Cod Real Estate Negatives:

  1. The average sales price is down 10% from the same period a year ago (2008: $407, 812; 2009: 367, 576).   
  2. In the past six months, 53 Cape Cod Area condos have come on the market while 22 have been sold. 

Conclusion: The continued downward pressure on sales prices means that the Cape Cod home buyers market continues.

Until next time,
Steve

NAR Released Second Quarter Condo Statistics

Cape Cod Real Estate News

The National Association of Realtors has released its second quarter sales results for Cape Cod condos. The good news is that lower prices and attractive interest rates have increased affordability for both year-round and second Cape Cod home buyers. Click the link below to see the survey.
NAR Second Quarter Condo Sales Results

Searching for a Cape Cod Condo

If you are ready to browse the Cape Cod MA MLS listings, then feel free to contact me, Steve Clay, your Cape Cod Condo Realtor to set up home viewings or to learn more.

Until next time,
Steve