Archive for the 'Market Insights' Category

26-Feb-10

Unit Sales (YTD) Median Price (YTD)
2009 2010 % Change 2009 2010 % Change
Dennis
Single Family 9 13 44% $309,000 $410,000 33%
Condo 4 4 0% $145,500 $113,500 -22%
Days on Market 95 158 66%
% Meet Selling Price 93 94 1%

Yarmouth
Single Family 27 23 -15% $228,000 $230,000 1%
Condo 7 8 14% $335,000 $344,500 3%
Days on Market 141 77 -45%
% Meet Selling Price 92 93 1%

Brewster
Single Family 5 7 40% $365,000 $419,000 15%
Condo 1 3 200% $251,000 $207,000 -18%
Days on Market 154 169 10%
% Meet Selling Price 94 91 -3%

Harwich
Single Family 8 18 125% $328,750 $387,500 18%
Condo 1 1 0% $174,800 $221,750 27%
Days on Market 171 170 -1%
% Meet Selling Price 94 93 -1%

Orleans
Single Family 9 5 -44% $375,000 $481,000 28%
Condo 1 2 100% $235,000 $246,750 5%
Days on Market 311 309 -1%
% Meet Selling Price 95 92 -3%
Barnstable
Single Family 34 24 -29% $211,250 $307,500 46%
Condo 4 7 75% $225,500 $122,000 -46%
Days on Market 131 137 5%
% Meet Selling Price 95 92 -3%

Cape Cod
Single Family 162 185 14% $276,250 $340,000 23%
Condo 34 31 -9% $257,450 $239,000 -7%
Days on Market 151 163 8%
% Meet Selling Price 93 92 -1%

The following is recent real estate sales activity for the Mid-Cape villages of Dennis, East Dennis and West Dennis.

October 1, 2009 through December 31, 2009 as reported by the Cape & Islands MLS.

Winter on Cape Cod

“Happy New Year!” is the refrain at this time of year.  And here at Lomenzo Properties, we are indeed off to a happy start!

On New Year’s Day, after several months of less than vigorous sales activity, we received FOUR offers from our clients on properties in price ranges from $200K to $2,000,000.  Interestingly, the properties are located in towns/villages  representing a wide range of Cape markets: DENNIS , CHATHAM,  WEST YARMOUTH and HARWICH PORT.  Two of the offers have been negotiated to acceptance and two more are in process.

Needless to say,  this kind of activity fuels our optimism for the upturn in the Cape Real Estate Market for 2010!  What are you waiting for ?! 

Elaine

Cape Cod Real Estate is rebounding from 3 long years of declining values.  The year-to-date change in Sales Volume of Single Family homes in Dennis and Brewster are leading the way for all of Cape Cod.  Brewster and Harwich are experiencing only slight declines in Median Prices, while Dennis is seeing a surge in Sales Volume to less than a 5% decline.  Cape Cod has shown amazing resilience this year as Sales Volume and Median Prices have dropped under 9%.  We call it a rebound.  You can call it – Opportunity!

October sales results indicate a recovery in unit sales and median prices for Dennis, Brewster and Barnstable.  While the rate of sales is down from last year, the rate of decline is half of September’s.  A good trend and time for Buyers to jump in!

The following is recent Cape Cod real estate sales activity for the Mid-Cape villages of Dennis, East Dennis, South Dennis and West Dennis.

August 16, 2009 through September 30, 2009 as reported by Cape & Islands MLS.

Mid-Cape home values and sales continued to decline as opportunities increase for Buyers in this market.  Condos remain hardest hit by the economic environment with a 29% YTD decline in sales volume.  The market segments for $1,000,000 improved dramatically as sales doubled over June.

Lomenzo Properties of Dennis Village on Cape Cod  won first runner up in the broker/office category of the Massachusetts Association of Realtors 2009 Website Contest.  We are particularly gratified as we are a small “boutique firm” and beat out countless larger offices in our category. The award was due to the wealth of information offered for users of our website.  As the MAR article stated “Lomenzo Properties does a great job of integrating market statistics, property search, and a well-maintained blog into the visitor experience.” Take a look for yourself and let us know what you think!

72 Whig Street - The Jewel of Dennis Village!

According to The Warren Group, a MA real estate data firm, both SALES PRICES and SALES VOLUME ARE UP for the first time in 20 months!  For the month of July, the median sales price on the Cape was $320,000, up 3.6 percent from the July 2008 price of $308,750.   In the same time period, sales volume increased 9.4 percent from 310 homes sold in Luly 2008 to 339 in July 2009.  This is exciting news because it is the FIRST TIME SINCE THE END OF 2007 that prices have increased compared with the same time the previous year.

So, what’s up?  Well a number of things.  Sellers have become more realistic and have adjusted their prices to the state of the market, so lower prices for Cape Cod homes have attracted attention.  Also, the $8000 first time home buyer tax credit has stimulated activity particularly in the lower end of  the Cape Cod real estate market. And we cannot underestimate the importance of improved WEATHER on our resort area and its real estate market!  So all these factors  are driving what we hope becomes a TREND.  Stay tuned as August figures come in.

Elaine

Sales volume and median prices continue to decline on Cape Cod at an identical rate with the Town of Dennis. The trend also shows a 52% reduction in sales of single family homes priced above $1,000,000.  The sale of land on Cape Cod has dropped severely with only one (1) sale since April of land priced over $350,000. With these facts in mind, pricing properties to sell needs to respect the changes in the Cape Cod real estate market especially in the mid-Cape area.