The Cape & islands MLS recently published 2007 year to date statistics with a comparison to the same time last year. The results have surprised many given the condition of real estate throughout the country and media reports of a falling market and glut of inventory. It just proves, once again, that all real estate is local!
Despite the reports of higher than normal inventories, the Cape actually has fewer homes actively listed as of the end of August. 4,262 compared to 4,477 in 2006. Condos on the other hand have about 280 more actives this year than last, an increase of almost 16%.
Sales statistics reflect the active inventory. There have been 2,226 residential sales this year vs. 2,220 last year. Thirty fewer condos were sold this year than last, about a 5.5% reduction.
Average sale prices have decreased in the single family market but not to the degree experienced by many areas. Under 1%, in fact. Condo sale prices decreased on average by about 7.5%. Active list prices are down by 2.2%.
I find these statistics interesting. Many Cape Cod Buyers are listening to the national media outlets and deciding to "wait until spring, 2008" believing that the bottom will fall out of the Cape market and bargains will abound. If I had that crystal ball, I'd be rich! However, the numbers generally don't lie and the Cape does not appear to be suffering the setbacks we hear about around the country. Cape Cod 5 just sent me an announcement that the jitters on Wall Street have pushed rates up .125%. If everyone waits until Spring to begin looking again, there's no guarantee that rates will be as low as they are now and will a glut of Buyers then create a Seller's Market? Food for thought.