2009 was a rough year for The Cape, a year with too many foreclosures as is; now, in January of 2010, the number of filed foreclosure deeds went up 50% according to The Warren Group, a Boston-based firm that tracks real estate trends.
The Cape Cod Times Reports, “In Barnstable County, 60 foreclosure deeds were filed in January, an increase of 46 percent as compared to the January 2009 total of 41, according to the report…Petitions to foreclose, the first step in the foreclosure process, also jumped in January as compared with January 2009, going from 98 to 120…Martha’s Vineyard and Nantucket also saw significant increases in foreclosure activity last month.”
However, our friends at The Boston Real Estate Blog have some numbers that show the Back Bay on the rebound after a tough 2009.
From January 1st to March 6th, 75 Back Bay condo’s sold at an average of $693 per square foot lasting an average of 138 days on the market. During that same period in 2008 the market was still on the rise; the same number of condo’s, 75, sold at an average $798 per square foot, while only lasting an average of 102 days on the market, 36 days less than the previous year.
In 2009, however, everything went down: only 39 condos were sold at an average of $758 per square foot and lasting an average of 131 days on the market. However these first three months of 2010 show strong signs of market stabilization, with 66 condos selling at an all-time high of $857 per square foot lasting an average of 160 days on the market.