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.