What is happening with the Condo market in Falmouth?

• There are 60 units on the market today (May 12, 2008).
• We have been averaging 3.3 sales per month for the past six months.
• Our absorption rate (the amount of time that it would take for all condos presently on the market to be sold) is now at 18 months. Since a balanced market is around 5 months, this strongly favors buyers.
• Condominiums are selling for 86.7% of their original list price.
• Condominiums are selling for 92.14% of the list price at the time of sale.
• Buyers are more demanding the longer a unit is on the market. 

Here are some statistics by price range: 

                             0-299,000        300,000-399,000         400,000-499,000            500,000+

Listings                       19                        18                               10                         11

Sold (6 mo)                  9                          1                                 4                           6

Pending                       1                          5                                  4                           4

Avg Days on Mkt (sold) 184                    605                               176                        306

What is selling?

•·        New or significantly renovated units.

•·        Units with garages.

•·        Units with first floor masters.

•·        Units with washer and dryer in the first floor.

•·        Walking distance to shopping and restaurants is popular (gas prices?)

•·        Units that are priced appropriately according to the reality of the current market. 

Conclusion: The condo market is slow and strongly favors buyers. Sellers need to be aggressive in their pricing, especially if their condo does not have some of the amenities listed above. Sellers need to be realistic about the current market or decide to stay in their current unit until the market turns.