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:
- 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.