I’ll Go Out on a Limb: the “bottom” has been reached on the Cape for sales volume

soldThe Friday Market Update (my own, not something official) of the CCIAOR MLS shows that the number of new listings Cape-wide has reached relative equilibrium with the number of sales. For the past 7 days, there were 162 new listings (some may have been listed previously but are considered “new” after a break) and 149 homes under agreement or sold (note:single family only. The condo market has tanked.) Nearly as many homes left the market as entered it. This will mean some stabilization of prices, but as rates are so low and inventory is shrinking or stable, look for a shoring up of prices, too. Sellers should sell, buyers should buy: not a pitch, an economic reality.

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