I read an article this week about how the median price in the US is rising again. That caused me to look at Barnstable County to see if that is the case here. Here is what I found.
For Barnstable County
Single Family Homes only
Oct 2010 to Dec 2012
Date 10/10 11/10 12/10 1/11 2/11 3/11 4/11 5/11 6/11 7/11 8/11 9/11 10/11 11/11 12/11
Median Price $ 350 324 346 358 317 305 332 346 319 320 328 344 331 328 335
For Barnstable County
Single Family Homes only
1999 to 2012
Date 12/99 12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11
Median Price $ 178 218 248 305 351 398 410 381 390 329 335 341 331
For Barnstable County
All Single Family (Homes, Condos, Land, ...)
1999 to 2012 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Median Price $ 178 218 248 305 351 398 410 381 390 329 336 339 334
The data does not indicate that the median price has begun movin upward yet. So, if you are a buyer and the national median has already begun moving upward, this could be the indicator that the market has bottomed out. If median price is moving upward nationally, but prices on Cape Cod haven't seen that movement yet, you could be ahead of the curve by buying now.
When you look at the last set of numbers, the last four years show a relatively stable median price. Median price does not usually stay as static as this data says it has. The years from 1999 to 2005 show an increased median from $178K to $410K. For the years from 2008 to 2011 the data shows an almost flat median price.
Are we at the bottom? There is a lot of pent up demand. Inventory is lower than it has been since 2005. The national median is reported to be increasing. We may be at the bottom.
(Referenced data is compiled from Cape and Islands MLS. The Cape Cod and Islands MLS does not guarantee or is not in anyway responsible for its accuracy. Data maintained by the Cape Cod and Islands MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.)
Heath Coker, Associate Broker
Robert Paul Properties
www.CapeGroup.com / capegroup@capegroup.com
508-274-5613 Licensed in MA
Its a beautiful day on Cape Cod!
@CapeGroup Skype: heath.coker
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i would be carefull there are so many bank owned properties or preforeclosures that we are not at the bottom, I do not htink this will hit for 18months to 2 years. Some area might pull out sooner, but look at your report of people that have not paid their morgtages for last 90 days.... it will shock you
There is a lot that could change in the next 18 months. What if we actually start getting people back to work? Then many of those who are behind will be able to get back on track.
Of course we will all agree that the answer to your question varies by region.
Certainly in California the primary concern is that in many markets 60% of the inventory below $350,000 is short sale. This has clogged the market. By the way - only about 20% of them close.
That is a HUGE problem to overcome before we return to a free market economy in the housing sector.
CA is an area that will have more to deal with. Other parts of the country are not in the same shape.