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.
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.
In Sandwich, closed sales for single family homes in April increased from 19 a year ago to 31 – a 63% increase! Median sale price was up 28% comparing this April to last — $551,000.00 versus $430,000.00.
No condominiums sold in Town in April. According to a report from the Cape Cod & Islands Association of Realtors (CCIAOR), there was one pending condo sale at the close of the month. Year to date, the median sale price for a condominium in Sandwich is $280,000.00.
The CCIAOR also noted that April showed the first climb in Cape inventory on a month to month basis since the start of the virus crisis and subsequent real estate boom.
What this means for a Sandwich 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.
In addition, more than 60% of the transactions are being financed, which belies the somewhat common impression that most buyers are paying cash.
As always, we’re happy to help and answer any of your questions. Please reach out at 508-568-8191 or email@example.com.
We hope you are enjoying this Memorial Day and remembering all those who gave their lives so we could call Cape Cod home.
Mari and Hank