The real estate market on Cape Cod continues with the same trends we have now seen for months. Inventory is (very) slowly creeping up but remains far too low to meet demand from buyers. By comparison, in July 2020, there were 1,184 single family homes on the market, in July 2021, it was only 544. Currently single family home supply is at 1.3 months, which is about as unbalanced in favor of sellers as the market can be ("said the writer, foolishly, while glancing over the precipice"). However while these numbers are shocking, they certainly aren't surprising and we expect the current trends of low inventory, high prices, and quick turnover, to continue for the foreseeable future.
In other news, we are keeping an eye on the eviction moratorium that was recently extended by the federal government. When this does expire we can expect even more stress to be placed on the already stressed year-round Cape Cod rental housing market as newly evicted tenants scramble to find housing. Also, will owners with months (or years!) of lost income suddenly need to sell? Could this cause the glut of inventory we are looking for or will it be cause for further alarm as former year-round rental properties are scooped up and used instead by investors for short-term vacation rentals?
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||$630k||$600k||$600k|
|Avg Days on Market||38||23||22|
|Avg % of Original Price||105%||104%||104%|