The real estate market on Cape Cod continues to be exceptional. An interesting point in this month's data is that, for the fist time since June 2020, closed sales are actually down compared to the previous year. This suggests, more than anything, that inventory is so low we simply can't keep increasing the closed sales numbers we have been seeing. March 2020, the start of the pandemic, had not yet felt any significant COVID effects and inventory was 1,471 homes. Now, in March 2021 it's just 346. As a result our typical Springtime increase in market activity is being throttled by a dearth in inventory but we are crossing our fingers that this will not last for much longer. What we can tell you is that the market will be in unpredictable and unprecedented water for some time to come.
But it isn't all bad news friends! Many signs are pointing to a gang-busters summer with vacation rental bookings at all-time highs and numerous other metrics indicative of a busy summer economy on the Cape. Whichever seat you are in, whether buying, selling or vacation renting, the professionals at Chatelain Real Estate are here to give you the expert advice you will need to make your transaction a success. For more market data check out our blog category Real Estate Trends. You can also give us a call any time - we look forward to hearing from you.
|Median Sales Price||$570k||$560k||$654k|
|Avg Days on Market||67||76||76|
|Avg % of Original Price||98%||98%||99%|