An Overview of the 2008 Falmouth Condo Market

                                                                  July                  October           December

• Units on the market                               55                       55                      56
• Average sales per month                       3.7                      3.4                     4.5
• Our absorption rate*                            15.3                    16.2                   12.4

*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. This is down from 18 months in May.

• Sales % of original list price                   82.3%                  85.3%                 85.3%
• Sales % of list price (at time of sale)      90.62%                92.5%                 92.7%
• Buyers are still more demanding the longer a unit is on the market. 
• Average Sales Price declined $26,002. 2007 - $414,605; 2008 - $388,603  

Here are some statistics by price range: 

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

                               July/Oct/Dec       July/Oct/Dec            July/Oct/Dec           July/Oct/Dec

Listings                    15 /16/15              22/17/16                 8/14/13                   9/6/7

Sold (6 mo)              12/9/10                 2 /10/8                     2 /5/7                     6/5/1

Pending                     1/3/0                     6/3/2                       5/6/3                      3/0/0

Average Days on Market (sold)     

    227/235/272      181/186/236             466/221/128         341/348/649

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 corr