An Overview of the 2009 Falmouth Condo Market (Through July 31)

Dec. 31, 2008 May 15, 2009 July 31, 2009

• Units on the market 56 76 68
• Average sales per month 4.5 3 4
• Our absorption rate* 12.4 Months 25.3 Months 17 Months

*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.

• Sales % of original list price 85.3% 85.2% 89.5%
• Sales % of list price (at time of sale) 92.7% 94.57% 94.1%

Here are some statistics by price range:

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

Listings 14 19 18 13

Sold (6 mo) 9 6 4 5

Pending 5 2 1 1

Average Days on Market (sold)

188 257 92 267

Positives:

•1. The fact that the number of condos listed for sale is down 11% is a good sign.

•2. The absorption rate is also down.

Negatives:

•1. The average sales price is down 10% from the same period a year ago (2008: $407,812; 2009: $367,576).

•2. In the past six months, 53 condos have come on the market while just 22 have been sold.

Conclusion: The continued downward pressure on sales prices means that the buyers' market continues.

Tomorrow I will post the statistics for the three upper Cape Cod towns combined: Falmouth, Mashpee and Bourne.