In July I posted the statistics that demonstrated the current health of the Condominium market in Falmouth, MA (Cape Cod). Here is an update of the same statistics:

                                                                                          July                  October

• Units on the market                                                       55                       55
• Average sales per month                                               3.7                      3.4
• Our absorption rate                                                     15.3                    16.2

(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. This is down from 18 months in May.)

• Sales % of original list price                                          82.3%                   85.3%
• Sales % of list price (at time of sale)                             90.62%                 92.5%
• Buyers are still 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+ 

                             July/Oct.              July/Oct.                       July/Oct.             July/Oct.

Listings                   15 /16                   22/17                            8/14                     9/6

Sold (6 mo)             12/9                       2 /10                            2 /5                     6/5

Pending                    1/3                        6/3                               5/6                      3/0

Avg Days on Mkt (sold) 227/235             181/186                      466/221               341/348

What is selling?

Conclusion: The market is still the same. 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.