Our goal in this series is it to help you understand how we interpret markets on the Cape and how this informs our recommendations when developing pricing strategies. For our final installment we will evaluate the Cape Cod market for the past 3 years (starting in October 2014).
First the inventory of single family homes has been dropping over the past few years. This factor coupled with rising median sales prices and fewer days on market indicate an accelerating market in Barnstable County. Another interesting factor to note is the significant decrease in homes for sale over the past year and that 2017 did not show as stark a seasonal bump in inventory as is typical. Additionally the affordability index is trending towards less affordability on Cape Cod.
What's our take? If you are thinking of buying, our advice is not to wait. Interest rates are at historic lows and, if the current market trend continues, homes will continue to become gradually more expensive. The long-term news isn't all bad, though - there are numerous local, state, and federal initiatives in the works which plan to ease the affordability pinch here on the Cape. For more information, check out this local housing forum featuring none other than our own Ned Chatelain. But you don't have to wait for new programs to buy something - give us a call and we can put you in touch with the top-notch mortgage brokers we work with who can walk you through low-downpayment and no-downpayment mortgages, first time home-buyer programs, or local lending incentives that can make the difference between buying this year or buying in three years.
On the other hand, If you are thinking of selling, this is good news for you. The Spring is an excellent time to get your house on the market and winter is the best time to get it ready. Give us a call today if you are interested in a home valuation and comparative market analysis.