Roll the Numbers!

June 3, 2008

West Dennis
This bucolic scene in West Dennis belies what’s ahead. Do you remember Jerry Lewis yelling “Roll the Numbers!” at the Labor Day telethon? Here are the latest figures from The Warren Group, 6/2/2008.
For Barnstable County as a whole: Number of Sales: April 2007 Single Family: 299, April 2008 Single Family 308, an increase of 3.01%. Year to Date (YTD, or January to April) 2007 Single Family: 1,039, YTD 2008 945, a decrease of -9.05%. CONDOS for this same period: April 2007: 97 sold, April 2008: 72 sold, a decrease of -25.77% while YTD 2007 sold 301, YTD 2008 sold 288, a decrease of only -4.32%. Putting this all together all sales, in numbers, are down YTD —9.25%.
What did this mean for prices? In April 2007 the median price for a single family home was $ $377,000. In April 2008 it was $354,350, a decrease of -6.01% (can you see your equity dissolving?) It gets worse, the YTD figures are $375,000 for 2007 and $347,000 for 2008, a -7.47% loss. The median condo price in April 2007 was $247,000. in April 2008 $256,450, an increase of 3.83%. Bravo! But the YTD figures of $252,500 for 2007 and $249,950 for 2008 show a -1.01% loss. Overall, all sales for April 2007 showed a median price of $355,000 in 2007, and $333,250 in 2008, a -6.13% loss. YTD for 2007 it was a median of $355,000, and for 2008 $330,000, a loss of -7.04%. Whew.

Different communities have suffered or gained in disproportionate ways. Looking just at price changes YTD, Barnstable -10.5%, Bourne -15.27%, Brewster -9.32%, Centerville -6.13%, Chatham -13.13%, Cotuit +2.62%, Dennis -9.59%, Eastham -22.80%, Falmouth -4.04%, Harwich -0.42%, Hyannis -31.75%, Marstons Mills -13.51%, Mashpee +8.53%, Orleans +7.53%, Osterville -17.56%, Provincetown -10.06%, Sandwich -8.16%, Truro -14.89%, Wellfleet +6.10%, Yarmouth -12.25%

I welcome your questions and comments. What do you think the future holds for us here?

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