A Yellow Lab
My friend Charlie is a Yellow Labrador Retriever. Today, he and I went to West Dennis Beach for our daily walk. I walk, he runs like the wind. In our 2 mile walk from one end to the other, Charlie will run 10 or more miles. Boundless energy! Feel free to meet us there some morning to see for yourself! It's a great way to start the day.
Cape Cod Real Estate Updates:
December Cape Cod Home Sales Rebound
December may have been the brightest spot in a yearlong slump in real estate sales, according to numbers released yesterday by the Cape Cod & Islands Association of Realtors.
For the first time in a year, the number of single-family homes sold in a month was higher than it had been in the same month in 2005.
A total of 264 homes were sold in December, up more than 5 percent from 251 in December 2005. The average sale value for the month was also up about 2.5 percent, at $575,129 in December, compared with $561,067 in the same month in 2005.
For all of the previous months in 2006, the number of sales was down anywhere from 9 to 37 percent when compared with sales in the same months in 2005.
The number of single-family home sales in all of 2006 was down more than 21 percent compared with 2005.
However, the average sale price for 2006 was up more than 2.5 percent.
A total of 3,307 single-family homes were sold in 2006 compared with 4,189 in 2005. And the average sale price for all of 2006 was $554,632 compared with $540,826 in 2005.
The Realtors track only sales handled through the Cape Cod & Islands Multiple Listing Service.
Statistics released earlier this month by the Barnstable County Registry of Deeds also indicate December was a relatively strong month.
The registry, which tracks all sales on the Cape valued at more than $50,000, reported the number of residential, commercial and other properties sold in December was down by 3.9 percent compared with December 2005.
For the entire year, the number of property sales was down by 22.5 percent at 6,368 in 2006 compared with 8,219 in 2005, according to the registry's numbers. The median sale price for the year was unchanged from 2005 at $365,000, according to the registry.
The median sale price is the midpoint price, meaning half the sales were valued at more than $365,000 and the other half were higher.
Commenting on the registry numbers in a Jan. 2 Cape Cod Times story, real estate brokers and county Register of Deeds John Meade said the December statistics may indicate the slowdown in the market is coming to an end.
Source: Cape Cod Times (1/20/07)
Click here to check for updates to Cape Cod Real Estate.
Saturday, January 20, 2007
Friday, January 12, 2007
Cape Cod Real Estate Slump Hits Home Stretch?
Snow in the future on Cape Cod?
Not this weekend. Sixty-eight days to the first day of Spring!
Cape Cod Real Estate Updates:
Cape Cod Real Estate slump hits home stretch?
Property sales on Cape Cod slowed considerably in 2006 compared with 2005, according to statistics released yesterday by the Barnstable County Registry of Deeds. Despite that drop, the registry's numbers offer a hint that the market may be on its way to a rebound, according to local Realtors and county Register of Deeds John Meade.
According to the registry's final sales report for 2006, a total of 6,368 residential and commercial properties were sold, down 22.5 from the 8219 properties sold in 2005. Meanwhile the median sale price for the year showed no change rom 2005, staying put at $365,000 according to the registry.
Source: Cape Cod Times (1/3/07)
Click here to check for updates to Cape Cod Real Estate.
Not this weekend. Sixty-eight days to the first day of Spring!
Cape Cod Real Estate Updates:
Cape Cod Real Estate slump hits home stretch?
Property sales on Cape Cod slowed considerably in 2006 compared with 2005, according to statistics released yesterday by the Barnstable County Registry of Deeds. Despite that drop, the registry's numbers offer a hint that the market may be on its way to a rebound, according to local Realtors and county Register of Deeds John Meade.
According to the registry's final sales report for 2006, a total of 6,368 residential and commercial properties were sold, down 22.5 from the 8219 properties sold in 2005. Meanwhile the median sale price for the year showed no change rom 2005, staying put at $365,000 according to the registry.
Source: Cape Cod Times (1/3/07)
Click here to check for updates to Cape Cod Real Estate.
Friday, December 15, 2006
30-Year Mortgage Rates
Pea Soup Day on Cape Cod
A day of fog in Chatham so thick a spoon can stand up in it. At least it is a warm December. A little snow for Christmas...
Cape Cod Real Estate Updates:
30-Year Mortgage Rates Rise Slightly
Rates on 30-year mortgages increased for the first time in about a month, rising slightly to an average of 6.12 percent this week from 6.11 percent a week ago. However, they remain close to the 2006 low of 6.10 percent reached during the week ending Jan. 19.
Freddie Mac chief economist Frank Nothaft says the small change was the result of mixed signals from recent data on job growth, retail sales, wage growth, and consumer sentiment. The Federal Reserve held interest rates steady once again this week; and many experts believe the central bank will continue to do so through May or June of next year, with hopes of achieving a soft landing.
Nothaft says he does not think a moderate rise in mortgage rates in the months to come would prevent a rebound in the housing market.
Source: Contra Costa Times (Calif.), Martin Crutsinger (12/15/06)
Click here to check for updates to Cape Cod Real Estate.
A day of fog in Chatham so thick a spoon can stand up in it. At least it is a warm December. A little snow for Christmas...
Cape Cod Real Estate Updates:
30-Year Mortgage Rates Rise Slightly
Rates on 30-year mortgages increased for the first time in about a month, rising slightly to an average of 6.12 percent this week from 6.11 percent a week ago. However, they remain close to the 2006 low of 6.10 percent reached during the week ending Jan. 19.
Freddie Mac chief economist Frank Nothaft says the small change was the result of mixed signals from recent data on job growth, retail sales, wage growth, and consumer sentiment. The Federal Reserve held interest rates steady once again this week; and many experts believe the central bank will continue to do so through May or June of next year, with hopes of achieving a soft landing.
Nothaft says he does not think a moderate rise in mortgage rates in the months to come would prevent a rebound in the housing market.
Source: Contra Costa Times (Calif.), Martin Crutsinger (12/15/06)
Click here to check for updates to Cape Cod Real Estate.
Monday, December 11, 2006
Existing-Home Sales to Trend Upward in 2007
Cape Cod Real Estate Updates:
Existing-Home Sales to Trend Upward in 2007
Existing-home sales are expected to rise gradually in 2007 from current levels, with annual totals slightly lower than 2006, while new-home sales will continue to slide, according to the latest forecast by the NATIONAL ASSOCIATION OF REALTORS®.
David Lereah, NAR’s chief economist, says market conditions will vary around the country next year.
“Roughly three-quarters of the country will experience a sluggish expansion in 2007, while other areas should continue to contract for at least part of the year,” he says. “Most of the correction in home prices is behind us, but general gains in value next year will be modest by historical standards.”
For Buyers, a Window of Opportunity
“Buyers, especially first-time buyers, with the combined benefits of seller flexibility and an unexpected drop in mortgage interest rates, have a window of opportunity,” he adds. “These conditions will persist in many areas until early spring when inventory supplies are likely to become more balanced.”
Existing-home sales for 2006, finishing the third-best year on record, are projected at 6.47 million, a decline of 8.6 percent from 2005. For 2007, sales expected to rise steadily to an annual total of 6.40 million, which would be 1 percent lower than this year’s total.
“By the fourth quarter of 2007, existing-home sales will be 4.6 percent higher than the current quarter,” Lereah says.
Builders Slow New-Home Construction
New-home sales in 2006 are expected to fall 17.7 percent to 1.06 million, the fourth highest total on record, before sliding an additional 9.4 percent in 2007 to 957,000.
Much of the contraction in the new housing market results from cuts in builder construction to support pricing for current inventories. In addition, high construction costs in many areas are taking a bite out of potential profits.
Total housing starts for 2006 are likely to drop 12.3 percent to 1.82 million units, with another 15.1 percent decline in 2007 to 1.54 million.
Source: — REALTOR® Magazine Online
Click here to check for updates to Cape Cod Real Estate.
Existing-Home Sales to Trend Upward in 2007
Existing-home sales are expected to rise gradually in 2007 from current levels, with annual totals slightly lower than 2006, while new-home sales will continue to slide, according to the latest forecast by the NATIONAL ASSOCIATION OF REALTORS®.
David Lereah, NAR’s chief economist, says market conditions will vary around the country next year.
“Roughly three-quarters of the country will experience a sluggish expansion in 2007, while other areas should continue to contract for at least part of the year,” he says. “Most of the correction in home prices is behind us, but general gains in value next year will be modest by historical standards.”
For Buyers, a Window of Opportunity
“Buyers, especially first-time buyers, with the combined benefits of seller flexibility and an unexpected drop in mortgage interest rates, have a window of opportunity,” he adds. “These conditions will persist in many areas until early spring when inventory supplies are likely to become more balanced.”
Existing-home sales for 2006, finishing the third-best year on record, are projected at 6.47 million, a decline of 8.6 percent from 2005. For 2007, sales expected to rise steadily to an annual total of 6.40 million, which would be 1 percent lower than this year’s total.
“By the fourth quarter of 2007, existing-home sales will be 4.6 percent higher than the current quarter,” Lereah says.
Builders Slow New-Home Construction
New-home sales in 2006 are expected to fall 17.7 percent to 1.06 million, the fourth highest total on record, before sliding an additional 9.4 percent in 2007 to 957,000.
Much of the contraction in the new housing market results from cuts in builder construction to support pricing for current inventories. In addition, high construction costs in many areas are taking a bite out of potential profits.
Total housing starts for 2006 are likely to drop 12.3 percent to 1.82 million units, with another 15.1 percent decline in 2007 to 1.54 million.
Source: — REALTOR® Magazine Online
Click here to check for updates to Cape Cod Real Estate.
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