An Overview of the 2009 Falmouth Condo Market (Through May 15)
December 31, 2008 May 15, 2009
- Units on the market 56 76
- Average sales per month 4.5 3
- Our absorption rate* 12.4 Months 25.3 Months
*Absorption Rate: The number of months that it would take for all condos presently on the market to be sold. A balanced market is around 5 months.
- Sales % of original list price 85.3% 85.2%
- Sales % of list price (at time of sale) 92.7% 94.57%
- Median Sales Price $339,950* $278,750*
*The median sales price for the first 4.5 months of 2009 is down 18%
Here are some statistics by price range:
0-299,000 300,000-399,000 400,000-499,000 500,000+
Listings 18 22 21 13
Sold (6 mo) 10 3 1 4
Pending 0 2 2 2
Average Days on Market (sold)
246 195 13 470
Conclusion: Since there have been more condos coming on the market than have been sold, there is still downward pressure on prices and the inventory remains high. Buyers are clearly in control and will stay in control until there are three consecutive months with more residences being sold than come on the market.
The key to selling in this market is to price the property correctly.
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