Cape Cod Real Estate

Cape Cod Market Update October 2019

September Review:

  The fall market is looking lackluster now that the September numbers are in.  With new listings, closings, and inventory down we did not see as significant an amount of activity in the market as this time last year.  With inventory countywide at a 6 month month level,  neither buyers nor sellers see a great advantage currently.  Not all markets are seeing this balance though so don't hesitate to check in if you are curious about a certain subset of the market (i.e. towns or price ranges).  Additionally, the lack of new listings may lead to a further drop in supply of inventory but fewer buyers in the market may not result in much change going into the usually slower holiday season.  Nationally a strong economy and low mortgage rates are helping to keep the real estate market active.

For more market data check out our blog category Real Estate Trends.

Recent Market Summary

    July     Aug     Sept  
    Closed Sales    341     382     339  
   Inventory     2,044     2,082     2,090  
   Median Sales Price   $435K     $431K     $452K  
   Avg Days on Market    101     90     98  
   Avg % of Original Price    94%     94%     94%  

 

Check out these two blogs for more valuable insight into real estate on Cape Cod

 

  5 Things to do before listing your home  

    Shellfish Season is Here!  

      
   

5 things to do before you list your home

The Cape Cod real estate market has heated back up this fall as many second home owners list their homes after the beach season.  Here is our list of 5 things to do before you list your home.

Fix Those Long Overdue Punch-list Items

 We always come back to this because it can't be emphasized enough.  Little repairs go a long way.  Replace sprung window sashes, plane doors that are sticking, fix locks that don't quite work correctly (here is a lock mid-adjustment in a settling home).  There is a reason why you haven't done these things yourself (that reminds me, I need to fix that sticking door!) so imagine how nice it would be as a buyer to walk into a potential home with minimal punch-list items!  These small repairs can often payback in dividends and ease of negotiation further down the road.

Have your Septic Inspected and Serviced

It has to happen to convey a property so getting it done up front is a big help.  Also buyers are keen on hearing the words "Title V in hand" when walking in to see your home. Besides, it is best to be prepared and address an issue with the septic prior to being a hitch during negotiations.

Have Your Chimney Cleaned and Gas Fireplaces Serviced

We could tell you horror stories about sellers waiting until the final walk-through to light a pilot or test a gas insert.  Needless to say it all end with more anxiety and cost for the seller than needed.  Even if you never use a wood-fire chimney you should get it inspected (and cleaned if needed) to reassure potential buyers of the status of this potentially costly feature.

Get a Pest Inspection

Just because you have never seen anything yourself doesn't mean that a home inspector won't find evidence of termites, mice or other pests.  By having an inspection done before listing property the savvy seller will be able to address any problems before they become a negotiating hangup further down the road.

Service the Heating and Air Conditioning Systems

Too often we overlook little problems in these systems in our own homes, but buyers are enticed when major components like heating and cooling just work, full stop.  An older system with a recent inspection can reassure a buyer enough to make an offer and demonstrates that other parts of the home are likely in good order too.

So what are you waiting for?  Go and get your home ready to sell, or, do these things anyway and rest easy in the knowledge that your home is in excellent working order and you'll be able to enjoy it for many years to come.  If you are thinking of selling contact us today for a conversation about how your home may perform in today's market and for help finding excellent local vendors who can help you with these five items.

 

Storm Preparation on Cape Cod

With the 2019 hurricane season in full swing and the memory of the bizarre July Tornadoes still fresh in our minds, preparing for a storm should be a concern before winter hits.  Late summer and fall hurricanes do pose serious concerns for the Cape, winter Nor'easters are often just as damaging with the additional possibility of freezing temperatures.  To make sure you and your house are prepared to weather any storm here are some specific recommendations to consider.  

Landscaping

  Trees are a major threat to structures, cars, and people in storms.  In particular Cape Cod has a lot of pitch pines that tend to snap off large limbs or drop entire tops in large wind events.  If you have them, make sure they are far away from your house so that, if they do fall, they won't land on anything important (see right.  This was the 'Freaky Friday' storm in December 2005.  Luckily no one was hurt but the driver had only returned home ten minutes before).  Obviously it is important to take a good look at any tree that is close to a structure, not just pines.  Additionally limbs that overhang the roof cause more lichen to grow, shortening its life, and leaves and needles clog up gutters adding to drainage issues in heavy rains and ice issues in the winter.

Make a prep bag

  We are big fans of self reliance.  To that end preparing for the worst is a good way to make the best of a bad situation.  Have a grab bag ready in case you lose power for several days.  Here is the FEMA website with good instructions too. Crank flashlights and radios are great since they don't need batteries, also make sure you have some way to eat.  Your gas may work in a storm but your electric sparker won't so don't forget matches.  Also have enough canned food in the pantry for a few days in case cooking isn't an option.  Also if you don't want to live rugged at home without power, your bag should include what you need at a shelter, bedding, toiletries, medications and some personal items (games and books!) will make smart additions to a prep bag.  During major storms emergency services are already stretched to the max so make sure to get to a shelter before travel gets dangerous or you become an emergency yourself.  In winter this becomes a serious decision since power loss often means loss of heat as well.  If you have a working fireplace or wood stove stock up on plenty of good dry wood.  And get out all those ugly old wool sweaters and down comforters!  

Prepare your house

If you are planning on being out of town or leaving your home for a shelter, turn off the water.  This is true even in the summer but especially in the winter.  We can't stress this enough.  With no heat in your house there is nothing keeping your pipes from freezing and turning your house into a skating rink.  Even if your pipes do burst, with the water off, there is a limited amount of damage that can be done.  Boarding up windows is a good idea for people who leave for long periods of time.  We see it less and less these days since windows are more durable, but it won't hurt.  If you aren't boarding up and high winds are expected, consider taping your windows or drape sheets against the inside to reduce broken glass damage.  Mind you, those sheets will blow away if a window breaks but they'll also help keep the glass contained.  Here is a fun anecdote.  Off the coast of Maine, where many small private islands exist with seasonal cottages, many people intentionally leave their door unlocked.  Why you may ask?  This not-so-secret secret is well known among the fishing and maritime community as a means of survival.  Homeowners leave food and blankets on the kitchen table in case a stranded fisherman (or a wrecked one) needs some help.  Our favorite part of this story, no one betrays this trust and loots - ever.  The lesson here is don't forget to help your neighbors.

We hope you found these tips helpful.  If you need recommendations for good local landscapers or tree professionals please contact us

 

Cape Cod Open Houses Weekend 9/14-9/15 2019

Check out these open houses on Cape Cod this weekend.  If you are interested in any of these homes or to learn more about any other homes for sale on the Cape, contact us today.  Chatelain Real Estate agents are known for the excellent quality of service and professionalism they offer their clients and would love to help you find your dream home on Cape Cod.

 

109 Nottingham Drive, Yarmouth Port | Saturday 10-12

Bring your personal touches and enjoy one of the most sought after Yarmouth Port locations. This exceptionally spacious home offers one floor living and plenty of room for guests. The setting is private but not remote. The living room opens to the deck and has a fireplace. The kitchen and breakfast nook next to the formal dining room allow for easy entertaining. The den/home office is set apart for quiet use. The first floor master bedroom with en suite bath opens to the deck for morning coffee. The other two bedrooms each have sitting areas. The home is nicely sited on the lot. An opportunity not to be missed.

 

61 Cranberry Lane, South Yarmouth | Saturday 1-3

Charming 3 bedroom situated on .69 acres of privacy in a very convenient and sought after neighborhood with access to the Bass River. It offers warm wood accents, cathedral ceilings, large windows, sparkling hardwood floors and open floor plan. The living areas have vaulted ceilings. The living room flows into the dining and kitchen that has beautiful maple cabinets and new gas stove. The master bedroom has an en suite bath. The full basement is a walk out with a finished room that makes a great office or studio with plenty of light. Upgrades within 2 years include roof, siding, paint, water heater, door. Septic upgrade underway. A real gem.

37 Uncle Stephens Road, West Dennis | Sunday 10-12

A classic Cape Cod dune shack located directly on Nantucket Sound. Step in and enjoy the sun and sand or renovate and build your dream. Opportunities abound on this truly unique property with infinite potential.

 

 

 

 

15 Ocean Ave, Harwich Port | Sunday 1-3

This is an unbeatable sought-after location that features charming cottages, which share a love for summer fun. Nantucket Sound is merely 140 paces away and Harwich Port village center is less than a quarter mile for fine dining, shopping, art galleries, and more. This home an arts and crafts style bungalow renovated in 2013 , combines historic features, such as built-ins, charming decorative arched fireplace, carved brick mantle and dark wooden beams with modern bathrooms, kitchen, and infrastructure upgrades. The ocean is viewable from both up and downstairs porches and the master bedroom. It is a larger home with adequate room for large gatherings. Long standing solid rental history is available. The newly upgraded septic system makes this ready to go.

Cape Cod Open Houses Weekend 8/24-8/25 2019

Check out these open houses on Cape Cod this weekend.  If you are interested in any of these homes or to learn more about any other homes for sale on the Cape, contact us today.  Chatelain Real Estate agents are known for the excellent quality of service and professionalism they offer their clients and would love to help you find your dream home on Cape Cod.

 

Saturday 10-12 | 15 Ocean Avenue, Harwich Port

This is an unbeatable sought-after location that features charming cottages, which share a love for summer fun. Nantucket Sound is merely 140 paces away and Harwich Port village center is less than a quarter mile for fine dining, shopping, art galleries, and more. This home an arts and crafts style bungalow renovated in 2013, combines historic features, such as built-ins, charming decorative arched fireplace, carved brick mantle and dark wooden beams with modern bathrooms, kitchen, and infrastructure upgrades. The ocean is viewable from both up and downstairs porches and the master bedroom. It is a larger home with adequate room for large gatherings. Long standing solid rental history is available. The newly upgraded septic system makes this ready to go.

 

Saturday 10-12 | 61 Cranberry Lane, South Yarmouth *First Look*

So new to market it isn't even listed in MLS yet!  Get a first look on Saturday!

 

 

 

 

 

Saturday 1-3 | 109 Nottingham Drive, Yarmouth Port

Bring your personal touches and enjoy one of the most sought after Yarmouth Port locations. This exceptionally spacious home offers one floor living and plenty of room for guests. The setting is private but not remote. The living room opens to the deck and has a fireplace. The kitchen and breakfast nook next to the formal dining room allow for easy entertaining. The den/home office is set apart for quiet use. The first floor master bedroom with en suite bath opens to the deck for morning coffee. The other two bedrooms each have sitting areas. The home is nicely sited on the lot. An opportunity not to be missed.

 

Cape Cod Open Houses Weekend 8/17-8/18 2019

Check out these open houses on Cape Cod this weekend.  If you are interested in any of these homes or to learn more about any other homes for sale on the Cape, contact us today.  Chatelain Real Estate agents are known for the excellent quality of service and professionalism they offer their clients and would love to help you find your dream home on Cape Cod.

Saturday 10-12 | 37 Uncle Stephens Road, West Dennis

A classic Cape Cod dune shack located directly on Nantucket Sound. Step in and enjoy the sun and sand or renovate and build your dream. Opportunities abound on this truly unique property with infinite potential.

 

 

 

 

Saturday 1-3 | 15 Ocean Avenue, Harwich Port

This is an unbeatable sought-after location that features charming cottages, which share a love for summer fun. Nantucket Sound is merely 140 paces away and Harwich Port village center is less than a quarter mile for fine dining, shopping, art galleries, and more. This home an arts and crafts style bungalow renovated in 2013, combines historic features, such as built-ins, charming decorative arched fireplace, carved brick mantle and dark wooden beams with modern bathrooms, kitchen, and infrastructure upgrades. The ocean is viewable from both up and downstairs porches and the master bedroom. It is a larger home with adequate room for large gatherings. Long standing solid rental history is available. The newly upgraded septic system makes this ready to go.

Cape Cod Market Update August 2019

July Review:

   Compared to this time last year, July saw only slight variation in four of the six metrics we investigate for this blog (pictured at right).  Days on market was up significantly compared to this time last year; however it was down compared to June.  Additionally the number of new listings was down nearly 15% compared to last year and lost about 9% compared to June this year.  With all of this in mind we are seeing a normal decline in market activity due to the seasonality of our area.  Nationally, mortgage interest rates are exceptionally low yet affordability continues to be a serious concern.

 

 

Recent Market Summary

  May June   July  
    Closed Sales   441  361   341  
   Inventory    2,032  2,067   2,044  
   Median Sales Price   $427K     $450K     $435K  
   Avg Days on Market   101  106   101  
   Avg % of Original Price   95%  95%   94%  

 

Check out these two blogs for more valuable insight into real estate on Cape Cod

 

   Our Take: Are sharks really taking a bite out of the Cod Cod Summer Rental Market?

    Owning a Septic System on Cape Cod

      

Our Take - Cape Cod Summer Rentals 2019

Are sharks really taking a bite out of the Cape Cod summer rental market?

The Boston Globe published an article on July 28th 2019 by Stephanie EbbertCape Cod rentals are having an unexpectedly slow summer.  As a quick synopsis the article states that summer vacation rentals are not filling up this year and hotels are down 5% (the data goes through May 31st only).  The article posits several explanations including the new short-term rental tax, increasing shark populations around the Cape, lousy Spring weather, and larger market and economic trends.

Our take on this matter: sharks and overall market conditions have been gradually applying pressure on the rental market for years: the sharks were here last year and the year before and some anecdotal evidence suggests they may be an attraction for some tourists.  The main culprit of the precipitous decline in bookings in 2019 is the new 12.45-14.45% rental tax.  Given the evidence that rentals are down across the state indicates this is not an issue solely on Cape Cod.  When a vacationer rents for $3000/wk the tax adds around $400, depending on the town.  Couple this with what may be the indications of a slowing economy and people may be spending their money closer to home this year and waiting to see how much certainty the future holds for their pocketbooks.

If you are getting sick of renting but still want to visit the Cape, give us a call about buying.  Then every season can be beach season!

Cape Cod Open Houses Weekend 7/27-7/28 2019

Check out these open houses on Cape Cod this weekend.  If you are interested in any of these homes or to learn more about any other homes for sale on the Cape, contact us today.  Chatelain Real Estate agents are known for the excellent quality of service and professionalism they offer their clients and would love to help you find your dream home on Cape Cod.

 

Saturday 10-12 | 15 Ocean Avenue, Harwich Port

This is an unbeatable sought-after location that features charming cottages, which share a love for summer fun. Nantucket Sound is merely 140 paces away and Harwich Port village center is less than a quarter mile for fine dining, shopping, art galleries, and more. This home an arts and crafts style bungalow renovated in 2013, combines historic features, such as built-ins, charming decorative arched fireplace, carved brick mantle and dark wooden beams with modern bathrooms, kitchen, and infrastructure upgrades. The ocean is viewable from both up and downstairs porches and the master bedroom. It is a larger home with adequate room for large gatherings. Long standing solid rental history is available. The newly upgraded septic system makes this ready to go.

 

Saturday 10-12 | 88 Pleasant Bay Road, Harwich

One floor living at its best. Delightful home centrally located. It features warm wood accents, an open floor plan, beamed vaulted ceiling, central AC, and sparkling hardwood floors throughout. The master bedroom with private bath has direct access through large slider to the deck. This home is nestled on a private acre of land just down from Wequasett and Pleasant Bay Beach for water recreation. Near Chatham for shopping and restaurants. Groceries, post office and all life needs near by. A beautiful home to own and enjoy all aspects of the Cape with expansion possibilities.

 

Saturday 1-3 | 109 Nottingham Drive, Yarmouth Port

Bring your personal touches and enjoy one of the most sought after Yarmouth Port locations. This exceptionally spacious home offers one floor living and plenty of room for guests. The setting is private but not remote. The living room opens to the deck and has a fireplace. The kitchen and breakfast nook next to the formal dining room allow for easy entertaining. The den/home office is set apart for quiet use. The first floor master bedroom with en suite bath opens to the deck for morning coffee. The other two bedrooms each have sitting areas. The home is nicely sited on the lot. An opportunity not to be missed.

Cape Cod Market Update July 2019

June Review:

Compared to this time last year median price and inventory are both up.  However Inventory compared to May is a small gain of only 25 homes.  It looks like the market entered the summer slow-down a bit earlier this year (usually it hits in July) with closed sales and new listings both down in June.  Apparently sellers were already getting ready for the beach last month.  The ever growing point of concern, not only on the Cape but nationally as well, is the affordability and availability of homes.  The Realtor professional publication states that the inventory shortage has reached 2.5 million homes.  Through normal economic interactions, such a severe deficit in available housing will continue to drive prices up as well as affect the rental markets (see California and New York's new rent control regulations).   The Realtor article features a few solutions and while none are new they will all be important to relieving the housing shortage.  Read more about ADUs, Opportunity Zones and more here.

 

Recent Market Summary

  Apr May June
    Closed Sales   331   441  361
   Inventory    1,982   2,032  2,067
   Median Sales Price   $425K     $427K   $450K
   Avg Days on Market   120   101  106
   Avg % of Original Price   94%   95%  95%

 

   Fun things to do this summer

    Top 5 Dog Walks on Cape Cod