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