Market Performance in January

Happy Friday as we wrap up not only this week but the first full month of 2009.

So how did the real estate market perform Provincetown through Eastham in January?

Lets take a look at pending sales.

In Provincetown there are 15 pending sales.

In Truro there are 14 pending sales.

In Wellfleet there are 9 pending sales.

In Eastham there are 12 pending sales.

What has sold? At the time of this reporting, the information I obtained for sold transactions is provided from the Multiple Listing Service. There is the possibility that a pending sale could have closed after this posting, but will not be recorded until Monday. I’ll let you know next week if that is the case, but for now,

Provincetown had 3 sales reported, last January there were 7 sales.

Truro had 1 sale, there were 3 sales last January.

Wellfleet had 2 sales this month, January of 08 there were 5 sales.

Eastham had 4 sales, last January there were 12.

A couple weeks ago, we discussed loan modification on The Closing Table. As an update, it appears that some in our government share our feeling that loan modification is needed to prevent foreclosures and protect home values from further depreciation. Massachusetts Attorney General Martha Coakley introduced legislation that will mandate lendors to modify risky mortgage products for struggling homeowners who are current, yet on the edge of falling behind. This is a common sense treatment for both the real estate market and economy and I’m surprised this hasn’t already come up. The Attorney General should be commended. Lets see how this plays out.