Tag Archives: Market Update

Good News for Cape Cod Vacation Home Buyers

We received news on Friday that at least one local Cape Cod lender, Cape Cod Five, is reinstituting 90% loans for second home buyers. (NOTE: Contact Meryl Watson for details: mwatson@capecodfive.com). This was made possible because no title insurance companies would insure more than 80% loans but now at least one company is willing to offer the coverage.

95% Financing is Available for Cape Cod Condos

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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.

Buyers Still in Control of Falmouth (MA) Condo Market

Falmouth Home Buyers Are In a Great Position

Some startling statistics show that it’s a great time for anyone to be a Cape Cod condo buyer in Falmouth (MA). This is especially true what with the ample Cape Cod real estate inventory that is still growing. That means Cape Cod sellers are usually more flexible. With mortgage interest rates at historic lows, it could entice more condo buyers to emerge from their winter hibernation.

What Does This Mean to You as a Cape Cod Condo Seller?

Since there have been more Cape Cod condos coming on the market than have been sold, there is still downward pressure on prices and the inventory remains high. Condo buyers are Three bedroom condo in Falmouth , MA waterfront communityclearly in control and will stay in control until there are three consecutive months with more Cape Cod residences being sold than come on the market. The key to selling your Cape Cod condo in this market is to price the property correctly.

What’s Your Feedback?

Leave a comment and tell us what you think.

Until next time,
Steve