National experts in the field — as well as many of us who closely follow real estate on Cape Cod — have been talking about a looming shift in the market.
We can now say with some degree of certainty — and apologies to Bob Dylan — that the market it is a changin’.
We first saw evidence of the shift when sales figures were released for September and now there are more signs of the changing dynamic with the publication of data for October.
After months of concern over low inventory, available housing stock increased almost 4% when comparing this October to last. There were also 538 new listings last month. That number was 489 in October 2017.
The year-to-date median sales price for single family homes on Cape is $426,335.00, a 7.4% increase over last year at this time. ($397,000.00)
The year-to-date median sales price for condominiums is $300,000.00, a 9.1% increase over last October. ($275,000.00)
Single family homes and condos are also selling faster than a year ago.
What does this all mean?
1. With single family homes and condos on the market fewer days than in 2017, buyers are serious when finding properties they’re interested in.
2. Increase in inventory and listings indicates that sellers understand that the holidays can be a great time to market their properties.
3. The up tick in interest rates is also beginning to be a factor in how buyers are selecting potential new homes. We’ve seen this ourselves as a very qualified buyer just recently took properties off his list, as they moved out of his price range because of interest rates.
if you’ve been thinking about selling your home, now is certainly the time, while inventory remains relatively tight; buyers are serious, and higher interest rates have not had a larger impact.
And as we’ve mentioned before, our homes never look better than they do doing the holidays!
If you’d like to talk about your options as a buyer or seller, please contact us at 508-568-8191 or use the comment section to get in touch.
For more information about the world of finance and how it’s impacting real estate, please check out Markets in a Minute from our partners at Residential Mortgage Services.
Finally a sincere wish to all for a happy and safe Thanksgiving.
For the first time in several years, we’re not on the road and are instead hosting our daughter and her family, as well as Mari’s Mom.
We’re grateful for our many dedicated clients, who made 2018 one of our most successful years. We look forward to continuing to work with them, as well as with those of you who will decide that 2019 is the year that you’re going to “make your move with Mari.”