If there’s one question we can safely say we are asked all the time as realtors, it’s this: “How’s the market? How ya doin’?”
If you told us when the virus crisis started that the real estate market on Cape Cod — and elsewhere — would have a record setting year, we would have questioned your sanity. We didn’t expect the bottom to fall out as your Uncle Harry, who “knows a little something about real estate,” and many TV talking heads predicted. There were simply too many people already in the pipeline.
What we couldn’t have predicted were the number of urban dwellers, who after stay at home orders were lifted, decided that it was time to move to larger homes and/or more open spaces and fresher air. With remote learning and work, there’s no longer a need for many to be close to Boston, Hartford or Providence. For them, Cape Cod became a desired destination.
As a result, we’ve experienced a year like no other. According to preliminary data just released by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 700 homes sold in October, 564 single-family homes and 136 condominiums. Median sales price was $549,950 for single-family homes and $407,500 for condominiums. Last October, 498 homes (388 single-family homes and 110 condos) sold at a median price of $438,750 for single-family homes and $299,500 for condominiums.
But there is a continuing concern about supply being able to meet demand.
At the end of October, there were 808 single-family homes for sale and 248 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last October, there were 1,991 single-family homes and 526 condos listed for sale, a 59.4 percent decrease, and a 52.9 percent decrease, respectively.
Open Houses are jammed and many homes are subject to bidding wars.
If you have been sitting on the sidelines wondering if it’s time to cash in on your investment and move to that someday neighborhood or finally sell your parents home that you and your siblings can’t agree on what to do with, please connect with us at 508-568-8191 or firstname.lastname@example.org to review your options. Helping our clients make the best decisions has been our full time job for more than 21 years, not a part-time hobby.
Let’s talk soon…
We trust that you are continuing to stay safe as the virus crisis continues. With a vaccine on the horizon, it’s important to still follow safety precautions.
We conduct Open Houses and on site meetings wearing masks. We also have booties and gloves, if a client wants to see those used. Hand sanitizer — our very own Mari Sennott and Associates brand! — is always available.
In addition, Today Real Estate policy allows only one group of people in an Open House at a time.
We’re also happy to personally do our part to keep people safe by sponsoring a kiosk at our local CVS.
So, as we look forward to 2021 and a better year for all, we hope that everyone stays healthy and optimistic.
Mari and Hank