We all know people who have been waiting for the right time to move to Cape Cod. Quite often the decision is linked to getting closer to retirement or a job change that results in a less taxing commute.
In the months leading up to the quarantine, we helped several clients purchase houses that were to be used as second homes in the short term and for retirement in the future.
Now with government leaders urging companies to continue work at home policies and a number of industries learning that employees can effectively function remotely, a major stumbling block that has kept many people from moving to the Cape permanently has been removed.
Couple this development with a suggestion from housing industry experts that city dwellers, particularly those who were confined to high rises during the quarantine, will be looking for safe getaways and the Cape housing market is potentially in a very strong position for the rest of this year and 2021.
It’s hard to find a silver lining after all we’ve been through, but property owners on the Cape, who have been thinking of making a change, may emerge from this crisis with an increased demand for their homes.
Statistics are indicating that we have begun to turn the corner nationally and locally on the housing market slow down.
The next graphic, which tracks home showings as recorded by ShowingTime, the real estate industry’s leading showing management and market stats technology provider, illustrates that earlier this month activity rebounded to January levels.
Even better news is that at the end of April, total closed sales on Cape are down only 2.2% this year over the last year (1,070 vs. 1,046).
The median sales price of single family homes last month was up over $17,000.00 when compared with a year ago. Year to date, median prices for single family homes are up 4.2% when comparing this year and last! ($420,000.00 vs. $437,500.00)
So, in the midst of everything that’s been going on, the real estate market on Cape has remained active and strong.
These results should be a call to action, especially for sellers, who have been hesitating to market their homes.
If you’re still debating whether the time is right for you to upsize, downsize or finally own your first home, we’d be happy to meet with you virtually or at a safe distance to review your options and share the currrent statistics and trends. Please contact us at 508-568-8191 or firstname.lastname@example.org. Thanks.
Signs like this one have been popping up in our hometown and elsewhere congratulating the Class of 2020.
Whether pre-school, high school or college, this year’s graduates will have a special place in history as the group that persevered in the face of unexpected challenges.
Congratulations to everyone.
Stay healthy; stay optimistic…
Mari and Hank