Good news on affordable housing front. Read why.

Published on Wednesday, November 19, 2008

Cape Business talked with Bett McCarthy of Kinlin Grover Real Estate about the state of real estate on Cape Cod. 

“Year to date through 10 months of 2009, the number of sold residential units is down by a mere two percent. In today’s market place, buyers are smart. They look but only buy when they perceive real value. Average sale prices have declined by 11 percent because the number of sold properties under $300,000 has increased by 34 percent in 2008.

“Cape Cod is somewhat isolated from the decreases in other areas due to its strong second-home market. However, a new housing stimulus bill is sorely needed to get the economy going. Presently there are 256 pending sales, and additional 189 units pending with contingencies to close in the coming weeks.”

Here are some other highlights from McCarthy:
• There were 3262 single family and condos sold between January and October of 2007. That compares with 3191 this year during the same 10 month period.
• The average sale price last year was $514,900; this year, $458,200.
• At the high end, sales have declined 19 percent year over year. But prices actually are up this year by 1.6 percent to $1,883,700.
• More than 45 percent of all homes for sale remain on the market at least 120 days. 

McCarthy can be reached at bmccarthy@kinlingrover.com