June led to some interesting market outcomes. Obviously much of the real estate market, and society, continues to be influenced by the reality of COVID-19. This has, however, impacted the Cape Cod market in an unusual way. According to the NAR Market Recovery Survey, 60% of urban markets are paused or slowly entering recovery. This is not what we are experiencing here on the Cape. June saw a 76% increase from 2019 in pending sales (sales that have signed contracts but are not yet completed). This is, frankly, incredible. Obviously after nearly 3 months in phase 1 of reopening, and historically low interest rates, the pent-up demand from buyers came to a head in June. Cape Cod continues to provide a lifestyle many people find appealing and June demonstrated this like we have never seen before. While buyer demand is way up, we continue to experience a dearth of available housing, indicated by inventory down nearly 40% from this time last year. July sales are usually a bit slower as people settle into the summer season but, frankly, we don't see it happening this year folks. However, if you are looking for a getaway from the craziness in your area, we do still have a few weeks available in August at our seasonal vacation rentals. Stay healthy and safe everyone!
Contact us today, we are always glad to discuss the market in further detail if you have questions. For more market data check out our blog category Real Estate Trends.
|Median Sales Price||$440K||$455K||$475k|
|Avg Days on Market||116||102||108|
|Avg % of Original Price||95%||95%||95%|