Cape Cod Real Estate

Cape Cod
A notoriously high-priced and exclusive market, the Cape Cod, Massachusetts, real estate area has nonetheless found itself it down as of late. Brought about by the U.S. financial crisis, which has spread around the world, Cape Cod’s markets have suffered too, seeing home values decline, inventory rise and foreclosures up.

The year 2009 seems to be a turning point year though, as the Cape Cod real estate market tries to drag itself out of the mud. During the greater part of 2009, Cape Cod showed a marked increase in sales volume, though prices were still far off their highs.

According to a local Kinlin Grover Real Estate report, during the greater part of 2009, the average price of a home sold in Cape Cod was $381,700, down quite a bit from 2008′s average of $465,900. Homes were also spending more time on the market — an average of 184 days, up from 157 in the previous year — though the number of listings was down. Real estate in Cape Cod varies greatly, with average sale prices ranging from $1.67 million in Hyannis Port down to $179,700 in Hyannis.

The high-end market of homes for sale in Cape Cod has not been immune to any of this activity. The average price of a high-end home in 2009 was $1.75 million, down from $1.83 million, and homes were spending extensively longer on the market: 316 days in 2009, up from 208 days in 2008. The number of homes listed for sale remained virtually unchanged from the previous year.