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.