Home Sales Up, Prices Down, in Falmouth

According to a report by The Warren Group, which monitors the real estate and financial industries, sales of single-family homes in Massachusetts increased by 27 percent in July 2012 over the same month 2011. The rise was mirrored in Falmouth and across the Cape, with sales of both single-family homes and condos rising significantly.

In Barnstable County, 347 single-family homes were sold in July 2012, a 41.6 percent increase over July 2011's 245. Barnstable condo sales increased even more: from 55 to 106, making for a 92.7 percent jump.

Falmouth experienced commensurate gains, with 47 single-family homes selling in July 2012, up 56.7 percent from 30 in July 2011. Condo sales grew by 50%, albeit with a small sample size, from four in 2011 to six in 2012.

Statewide, it was the best July for Massachusetts home sales since 2005. However, Cory S. Hopkinson, editorial director of The Warren Group, cautioned against reading too much into the numbers.

"There are a lot of good signs pointing toward a real estate recovery," Hopkins said in a statement. "But, we are comparing sales to a very depressed market last summer, so it's important to step back and realign expectations."

One less-encouraging sign was the median sale price, which grew by less than one percent for single-family homes across Massachusetts, and declined by about a third of a percentage point for condos. In Barnstable County, both numbers declined: by 0.6 percent for single-family homes, and 1.3 percent for condos.

In Falmouth, single-family home prices declined more sharply, while condos bucked the trend. Median single-family home prices decreased by 7.1 percent from July 2011, while condos sold for 54.4 percent more.

Year-to-date single-family home sales are up 30.8 percent in Barnstable, and 41.1 percent in Falmouth. Condos have also sold better than in 2011's disappointing real estate market, up 45.9 percent in Barnstable, and 76 percent in Falmouth.