Despite near historic low levels of inventory, the Cape Cod real estate market is showing no signs of slowing its blistering pace logging a 74.3% increase in pending sales for single family homes this April, as compared to a year ago.
According to a report released by the Cape Cod & Islands Association of REALTORS® (CCIAOR), Cape-wide pending sales at the end of April were 380 for single-family homes and 100 for condominiums. Last April, there were 218 pending single-family homes and 39 pending condominiums.
The report said that 394 homes sold in April, 307 single-family homes and 87 condominiums. Median sales price was $625,000 for single-family homes and $345,000 for condominiums. Last April, 329 homes (265 single-family homes and 64 condos) sold at a median price of $439,900 for single-family homes and $303,250 for condominiums.
The CCIAOR also noted that April showed the first increase in inventory on a month to month basis since the start of the virus crisis and subsequent real estate boom.
What this all means for a Cape Cod homeowner is that if you’ve been waiting to market your property, competition is slowly increasing as more houses are listed. Even though there has been a lot of talk about the number of homes being sold for above list price, CCIAOR says that nearly 1 in 2 listings are actually going for BELOW asking price. A situation that will only increase as more homes become available.
In addition, more than 60% of the transactions are being financed, which belies the somewhat common impression that most buyers are paying cash.
If you are wondering if now is the time to make your move, it probably is. Let’s connect at 508-568-8191 or email@example.com to discuss your options and develop a plan to best market your home.
With inventory increasing, it will also be easier to help you find your new home, whether you’re looking to upsize, downsize, or move to your someday neighborhood.
We hope you are enjoying this Memorial Day and remembering all those who gave their lives so we can call Cape Cod home.
Don’t wish for it; go for it!
Mari and Hank