Happy 2013! I’ve been asked about the status of the Brewster house and barn in the June 26th post, and happily it is sold. As mortgage rates hit historically low rates, properties on Cape Cod that are priced correctly and Staged are being snapped up quickly. Land is beginning to move again as well. Four homes in my immediate area sold recently for surprisingly high prices. In the third quarter of 2012, days on market for residential property decreased only 2.6% over the previous 3rd quarter, and median values decreased nearly 7%, but volume sold is up over 19%. See the entire report here.
AUGUST WASN’T SO HOT!
Remember how “pendings” were down in July? Well, that’s reflected in preliminary August numbers. Total Barnstable County transactions in MLS compared with August were down 12%, and total dollar volume was down 18%. (From the President of the Cape and Islands Association of Realtors) However, my sales were $1.5 million in August. List or buy with me!
The 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.