Well, life looked a lot different in March than we are used to and we can only assume that any changes the Cape Cod real estate market felt in March are merely the beginning of a trend line that we do not yet have a full view of. Some good news is that Gov. Baker has deemed real estate an essential service so we are still able to perform all of our normal functions, but with some adaptation based on the social distancing recommendations. This is crucial as it allows for home purchases, often not remotely discretionary, to continue in an otherwise crazy time. Looking at last month here is what we know. Inventory is down significantly from this time last year, by approximately 20%. Additionally we did not see a significant rise in the number of new listings and some homeowners chose to temporarily withdraw their properties from the market in light of COVID-19. These factors have resulted in a mere 3% gain in inventory instead of the 8% gain we saw for the same period in 2019. Another important point here is that the magnitude of the shutdown was not felt until the middle of March so these numbers do not reflect a market completely under the current lock-down guidelines. However closings were up compared to 2019. This is likely because the time that it takes for transactions to finalize, typically 45 days, means many of these closings were initiated back in January. We expect that this lack of inventory may push prices up further in the short-term though the longer-term consequences of a nation's economy stuck in first gear are much more difficult to predict. However, mortgage rates are at record lows and the increased number of closings in March indicated what would have been a strong Spring market if not for the lock-down. We are hoping that enough of the emergency economic measures for renters and homeowners will keep people in their homes safe and healthy. Stay healthy and safe yourself!
|Median Sales Price||$431K||$435K||$441K|
|Avg Days on Market||108||120||124|
|Avg % of Original Price||93%||93%||94%|