Overpriced in Falmouth?? : What's Happening in Falmouth on Cape Cod?

What's Happening in Falmouth on Cape Cod?

Oct. 17, 2007 - Overpriced in Falmouth??

Is Falmouth Overpriced? By David F. Kelley
Here's a re-printed article from the Falmouth Enterprise on October 28, 2003 that might shed light on today's market. For instance, 268 single family homes for sale vs.496 today - 268 being a more normal number - and 431 solds vs 356 today. Like the old 'gold rush' this is a bit of history that seems to have led to today's slugish market.
Is Real Estate in Falmouth Overpriced? Good question, so let's find out.
During the first 3 quarters of this year (2003), 391 homes were sold at an average price of $445,000. In the same period last year (2002) 431 sold averaging $376,000 or $69,000 less, and 5 years ago (1998) 485 sold averaging only $230,000 or $215,000 less.
Do these price increases mean the homes were overpriced? Some of them probably were and generally It means they are worth more, but why? Possibly because our town has become very attractive to buyers, especially those who cannot afford the prices on Nantucket and the Vineyard and also the younger "Baby Boomers" who are now ready to buy second homes. (continued on link):
www.capecodspecials.com/overpriced.html
- DAVID

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