Dec. 31, 2008 May 15, 2009 July 31, 2009
- Units on the market 56 76 68
- Average sales per month 4.5 3 4
- Our absorption rate* 12.4 Months 25.3 Months 17 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% 89.5%
- Sales % of list price (at time of sale) 92.7% 94.57% 94.1%
Here are some statistics by price range:
0-299,000 300,000-399,000 400,000-499,000 500,000+
Listings 14 19 18 13
Sold (6 mo) 9 6 4 5
Pending 5 2 1 1
Average Days on Market (sold)
188 257 92 267
Positives:
•1. The fact that the number of condos listed for sale is down 11% is a good sign.
•2. The absorption rate is also down.
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 condos have come on the market while just 22 have been sold.
Conclusion: The continued downward pressure on sales prices means that the buyers' market continues.
Tomorrow I will post the statistics for the three upper Cape Cod towns combined: Falmouth, Mashpee and Bourne.
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