A total of 145 qualified commercial real estate sales transpired on Cape Cod from January – September 2008. The latest figures amount to a 23.3% decline from the level achieved in the same nine month period in 2007. The 2008 drop is also about 42% below the 12-year average of 250 sales and the lowest period to period total since 1997.
Quarterly figures reveal the deceleration in the number of sales was evenly spread out among each quarter. The quarterly data also shows in both in 2007 and 2008, first quarter activity once again fell below Quarter II sales volume. This is significant in that, except for 2006, at no time since 1997 has the number of sales in Quarter II been lower than the prior Quarter I total.
Excluding the Outer Cape sub region (Provincetown, Truro and Wellefleet) which achieved a small gain, the remaining three Cape Cod sub regions posted moderate decreases in the number of commercial property transactions. The greatest fall off, however, was in the Upper Cape sub region which experienced a sharp 49% decrease in year over year transaction volume, nearly double the countywide percentage decline.
The Mid Cape sub region once again posted the highest number of transactions (63) for the nine month period. According to the data, the Mid Cape sub region has held the top ranking in each consecutive three quarter period since 1997, until being closely edged out by the Upper Cape sub region in 2007 with 72 qualified sales.
Joseph P. Egan is a MA Certified General Real Estate Appraiser with over 25 years of professional valuation experience. Through a specialization in commercial real estate and closely-held businesses, since 1991 he has completed over 600 appraisal, brokerage and consulting assignments concerning all types of commercial real estate assets and going concerns located on Cape Cod, Nantucket, and Plymouth County, MA. Clients served generally include attorneys, banks, corporations, developers, investors, and owners of closely-held and family businesses. Prior to relocating to Cape Cod, Joe worked in the New York Metro Area and throughout CT with leading regional and national appraisal firms such as Cushman & Wakefield. Please contact Joe here.