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.