Real Estate Forecast for 2012
National economists on average paint 2012 with cautious optimism given the fact that the volume of distress properties is dwindling, unemployment is down, and an inkling of consistent economic growth is evident. Because all real estate markets are driven by the local economy, it is important to look closer at particular areas to paint an accurate picture. The Cape Cod real estate market is no exception. We find:
- Inventory is shrinking--there were fewer properties for sale in December than November 2011.
- The number of sold properties is up-- in December 2011 13.2% more properties sold than in the previous month.
- The number of properties under contract increased by 36.3% in 2011 over 2010.