The newest statistics are almost mind boggling.
We have gone from 35.7 months worth of inventory in September 2007 to 10.94 months in September 2008. Inventory is at the same level but sales have increased so much that inventory time has been slashed.
A couple of years ago you were hard pressed to find a home under $200,000 in the Cape but this year that inventory has increased over 160%.
Year over year sales have increased 94%
Sames goes for waterfront. A couple of years ago a small percentage of homes could be bought on the waterfront for under $400K. Now more than 3/4 of the homes sold in that price are Gulf Access
We have surpassed the total number of sales we had during the boom by 20% this year. The only difference is that the total value of those sales is half what it was during the boom.
A little over half of our market are short sales. And they are still nearly impossible to get to the settlement table. It seems the banks still haven't gotten realistic about the market. The are unprepared to handle the transactions as the people they have in the position of negotiating the sales are not well versed in the matter. Not to mention they are inundated and overwhelmed.
But the news is incredibly good! Our market has turned. The deals are too good to pass up. We are back to buyers buying sight unseen in order not to lose out. Multiple offers are as common as they were during the boom and many buyers have to fight to win a property.
Of course it is much easier to win them when you have a skilled REALTOR on your side. Some of us know the market quite well and we have the skills to make it happen!
If you would like to look at the deals and foreclosures in our area go to
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