Thursday, September 25, 2008

Slump? What Slump??

With all the talk about the nationwide housing slump, I get a lot of questions about how it has affected real estate in Eastham. So I compared the previous 12 months (9/1/2007 to 8/31/2008) to the full-year 2004, using data extracted from the Cape Cod & Islands MLS. 2004 was the year prior to the beginning of the current slowdown. I report every month on sales volumes and both average and median sales prices.

The data shows....

  • Sales volume in down 32% (2004 - 141, 2007/2008 - 96)
  • Average sales prices are up 6.8% ($496K vs 530K)
  • Median sales prices are up 0.2% ($449K vs $450K)

My conclusion is that the only slump is in sales volume - no surprise.

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