Here are the statistics for condo sales in Falmouth, MA on Cape Cod. I would be curious to know how these compare with sales in your community.
- There are 55 units on the market today (July 5, 2008).
- We have been averaging 3.7 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 15.3 months. A balanced market is around 5 months. This is down from 18 months in May.
- Condominiums are selling for 82.3% of their original list price.
- Condominiums are selling for 90.62% of the list price at the time of sale.
Here are some statistics by price range:
0-299,000 300,000-399,000 400,000-499,000 500,000+
Listings 15 22 8 9
Sold (6 mo) 12 2 2 6
Pending 1 6 5 3
Avg Days on Mkt (sold) 227 181 466 341
Conclusion: The most positive sign is that the absorption rate is done almost three months. Unfortunately, this has been helped by some sellers withdrawing their property from the market. The average days on market is also quite high but is in line with the inventory supply and sales rate.
The key to selling in this market is to price the property correctly.
What do condo buyers say they are looking for?
- New construction
- First floor master BR's
- First floor laundries
- Walking distance to shopping, local amenities, etc.