Winter Market Report 2009

OPPORTUNITY TIME!!!

This is truly opportunity time to buy a home on the Cape for less money than in the previous few years and at an interest rate that is most attractive. One of our local banks quoted a 30 year fixed rate mortgage today...with no points...of 4.87%.  Many homes are listed at around assessed value or less, especially if they have been on the market a while.

As you will see by the charts below, there is quite a large amount of inventory to choose from.  Homes are staying on the market longer, which means motivated sellers will no doubt keep lowering their asking prices.

I have included list and sale prices for all the homes that have sold in Chatham during the past few months.  This should be interesting and informative for you to look at and help you have an idea of what is happening here on the Cape and especially in Chatham.  While prices are down a bit, we are fortunate not to have many short sales and foreclosures here in Chatham as well as Orleans, Brewster and Harwich.  This means our area is considerably more stable than many areas off Cape, and while good buys are available here, they are also good investments that will keep their value and appreciate as a rule.

If you are thinking of selling your house and it shows well and is in good condition and you are willing to offer it at a competitive price, by all means list it.  However, if you are waiting to get the type of price prevalent several years ago...that may not be likely...and we anticipate it will take several years to return to those prices.  Do keep in mind the cost of heat, insurance and mortgage payments and other incidental expenses you will have to be paying in the meantime.

If you would like additional information on other towns, please go to the company website... www.raveis.com and on the home page on the left side on the bottom, there is a key to click that will give you more to peruse.  

 I hope you will find this information helpful.  Do call or write to me and I will be happy to help you find your very own piece of Cape Cod!

Evelyn Doane®

www.ChathamByTheSeaWithEvelyn.com

William Raveis Real Estate Company

37 Cross Street

Chatham, MA   02633

edoaneccod@comcast.net 

508-237-1629    cell

These opinions are those of the author and are to help you make an informed decision.

Homes Sold in November, 2008

Address                          Bedrooms          List Price    Sale Price      Days on Market

75 Emery                             3                    1,745,000      1,616,650           225

26 Baileys                            3                      849,900        800,000            236

20 Teaberry                        4                       650,000        615,000            322

61 Meadowbrook                3                      499,000         520,700             27

47 Wequasset                      3                       299,900         285,000            50

 November Averages        3                       808,760        767,470           172

Homes Sold in December, 2008

86 Capri                             4                       3,495,000     3,025,000                354

3 Windsong                        4                       1,075,000       950,000                136

109 Cockle                          3                         895,000        850,000               101

75 Indian Hill N                 3                          510,000       495,000                 280

28 Lakeview                      3                          539,000        490,000                148  

20 Chatham Heights          2                         489,000          436,000               221      

49 Florence                        2                         369,000          340,000               140

107 Heritage                      3                         325,000          310,000

December Averages         3                         962,125          862,000              197

Homes Sold in January, 2009      

107 Seaview                     4                         879,000             879,000              263

370 Stage Harbor          3                           749,000         700,000                    106

98 Deep Hole                3                            539,900        500,000                    189

65 Eliphamets               2                            449,900         425,000                   149

26 Evergreen                2                            399,000         353,250                   434     

159 Holly                     2                            355,000        340,000                     43

January Averages      3                            561,967        532,875                    197