We are in an unprecedented market on Cape Cod folks. Sellers are heavily favored in the current clime as we are seeing multiple offers over asking price on many properties, a norm previously only seen in super-hot markets like Boston, San Francisco and other booming urban areas. Inventory is down 51% from August last year and the lack of inventory is driving up median sales price (up 27% from last year). Despite the lack of inventory, both pending sales and closed sales are up significantly as well, 71% and 31% respectively, indicating an incredible demand for single family homes on Cape Cod. What do we expect for the fall? Who knows? We are in uncharted waters here. What we do know is that, if you are thinking of selling, now is an excellent time. If you are thinking of buying, while the market may seem outrageous there are still good values out there so don't get discouraged. 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||$475k||$499k||$545k|
|Avg Days on Market||108||106||99|
|Avg % of Original Price||95%||95%||96%|