by Deborah Schilling
18. May 2011 08:07
As I drive around the Village of Cotuit on Cape Cod, there are many building and remodeling projects underway. A ‘teardown’ AND a total renovation (only left the front and side walls standing!) on School Street and 3 remodel and/or spruce up projects on Grove Street. Then there is the multi-million dollar project on Oceanview Drive-which is a substantial oceanfront parcel .
These are all good signs of confidence in the market. Here is an overview of the 2011 market activity:
Currently, there are 53 properties for sale: price range-$189k-$10,900,000. From Jan. 1, 2011-April 30, 2011, 19 properties have Sold: price range-$125,000-$1,940,000. This translates to about a 10 month ‘supply’-still trending to favor Buyers (a 6 Month supply is considered a balanced market).
Trends? It seems that Cotuit is very desirable, yet prices are still stagnant, and may have some more adjustment ahead. If a house is in pristine condition and priced appropriately, it stands a good chance of selling. We have strong activity from the Second Home Buyer/Vacation Home buyer market, and I expect this to continue.
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