Market Activity First Two Quarters 2009

A look at the market activity for the first two quarters reveals some ups and downs in the market. First the downs: the charts below report that sales volume is down 65-66% in Truro and Provincetown for the first half of this year over last, while Wellfleet is down 35% from last year. The nation’s economic crisis this past Fall and Winter caused many buyers to pause and put on the brakes.

The good news is, the market started to loosen up this Spring, when mortgage rates dropped into the high 4’s. Even though 30 year fixed rates have risen some and are now in the range of 5.4%, buyers are leaving the sidelines and stepping back into the market. Offer activity has soared over the past few weeks, and as of this writing, almost 30 properties are pending in Provincetown, 8 are pending in Truro and 12 are pending in Wellfleet.

Check out this week's Real Estate Blog on Atlantic Bay Sotheby's International Realty Web Site for sales figures in Provincetown, Truro and Wellfleet for the first two quarters (click here).