Our goal in this series it to help you understand how we interpret markets on the Cape and how this informs our recommendations when developing pricing strategies. In this installment we will be evaluating a specific market - homes in Brewster between $300k and $500k. We chose this market because it includes the current median sales price in Barnstable County of $380,000.
From August 1, 2017 until October 26th (when we ran the numbers) only 25 homes have sold in this price range in Brewster. Remarkably, the median sales price is ...$380,000, and the average days on market is 66. As a result we note that in the past three months houses in Brewster sell more quickly than the average in Barnstable County. Furthermore Brewster shows signs favoring sellers. We see this in the fact that homes sell relatively quickly and return a higher % of original list price than Barnstable County overall (please see Part 1 for this graph and explanation). When looking at the last 3 weeks we also note that fewer price reductions are needed before homes are selling. Other points of interest that we consider - though don't have time to discuss fully - include absorption rate, total listings and withdrawn listings.
We look forward to introducing part 3 of this series when we compare markets with specific features (water!). If you are curious about how your home will compete in your local market please contact us today or click here to get a home valuation.