Friday Facts 12-24-10

FRIDAY FACTS
December 24, 2010

Below is a chart that shows what happened to our market after the expiration of the tax credit. If you look at the year to date compared with last year, we still look okay with an 11.77% increase in the number of single family sales and a 3.12% increase in the number of condominium sales. However, the picture changes if you break the numbers into January through June and July through September. The first half of the year was extremely strong with a 35.84% increase in single family sales compared with the same period in 2009, and a 31.17% increase in the number of condominium sales. The second half of this year through November shows a 7.9% decline in the number of single family sales, and a 15.61% decline in the number of condominium sales for the same period last year.


CAPE COD & ISLANDS MLS
BARNSTABLE COUNTY

Time Period Type # $ Volume Median DOM

01/01/10-11/30/10 Single Family 2867 $1,323,197,065 $335,000 147 01/01/09-11/30/09 Single Family 2565 $1,112,055,593 $320,000 148

01/01/10-06/30/10 Single Family 1569 $ 771,432,784 $330,000 148
01/01/09-06/30/09 Single Family 1155 $ 464,713,233 $310,000 150

07/01/10-11/30/10 Single Family 1298 $ 611,764,281 $340,000 146
07/01/09-11/30/09 Single Family 1410 $ 647,342,360 $325,000 147

01/01/10-11/30/10 Condominium 595 $ 174,897,400 $245,000 190
01/01/09-11/30/09 Condominium 577 $ 158,326,021 $230,000 202

01/01/10-06/30/10 Condominium 303 $ 87,044,098 $238,000 190
01/01/09-06/30/09 Condominium 231 $ 61,428,074 $218,000 193

07/30/10-11/30/10 Condominium 292 $ 87,853,302 $251,000 190
07/30/09-11/30/09 Condominium 346 $ 96,897,947 $244,500 209

Now, more than ever, pricing a listing properly is critical. Here’s something from Dian Hymer in Inman News to use with your sellers: “It’s best to list your home at a price that buyers will perceive as a good value. Overpriced listings sit on the market. Real estate agents and buyers forget about them.

As difficult as it may be for sellers to consider a price reduction after only a couple of weeks on the market, that is often the best strategy. Buyers and their agents focus on new listings. Ideally, you want to reduce the price before your competition does.