cape cod real estate

06/12/2020 Uncategorized

Zillow has 1,496 homes for sale in Barnstable County MA. This is a heavily favored seller's market with only 3.1 months of inventory available across the county (less in certain markets) and properties seeing multiple offers and going under contract quickly. Suffolk County … With so much pressure on the supply side, median sales price increased 6.4% from this time last year. They are stuck in a loop of paying too much for rent, while also pricing themselves out of the possibility of homeownership. Good plan – but let’s take a look at rental market first. We’d be happy to discuss in greater detail. Stay healthy and safe! Browse 100 cheap houses for sale in Cape Cod, MA, priced up to $300,000. When it comes to inventory, 2019 saw a decline and was down nearly 20% from 2018 (see the graphic at right from the Cape Cod and Islands Association of Realtors). Your Cape Cod Real Estate & Homes for Sale Experts. All properties are subject to prior sale, changes, or withdrawal. Stay healthy and safe yourself! Why the mis-match? 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. The Cape Cod real estate market continues its foray into uncharted waters. Some good news is that Gov. This trend has increased through this decade. Looking at last month here is what we know. Choose the plan that’s right for you. For more market data check out our blog category Real Estate Trends. April certainly was a little unusual. Dukes County (Martha's Vineyard) This site may not show all listings that are available through the Cape Cod & Islands Multiple Listing Service, Inc. Information Deemed Reliable But Not Guaranteed. Notice the steep decline in available homes below median income affordability of $367k. The lesson for buyers is be prepared! Additionally inventory remains incredibly low with only 921 homes available cape-wide. We are in an unprecedented market on Cape Cod folks. When the Spring market should have been in full swing much came to a grinding halt instead. While this market seems good for sellers in the short term, an unsustainable housing market on the Cape is not good for anyone, even sellers. 1,555 Homes For Sale in Cape Cod, MA. For over 30 years, Kinlin Grover has represented Luxury Real Estate and Beach House properties on Cape Cod… 296 Scudder Avenue. What do we expect for the fall? County This is good news as it indicates the State is a desirable place to live. Who knows? Second, mortgage rates are at near historic lows and if you are buying, now is a good time for financing. Contact us today, we are always glad to discuss the market in further detail if you have questions. Contact us today, we are always glad to discuss the market in further detail if you have questions. It tells us that, if no homes were added to the market, how long it would take for all 'for sale' properties to be sold. The Cape Cod real estate market continues its unprecedented year. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. Demand. All of these things indicate that life will, soon, be getting back to normal. Well, not exactly. Third, short-term seasonal vacation rentals are open to essential workers and we look forward to having them open fully in phase 2, which may be as soon as June 8th. Additionally, the historically low interest rates throughout much of 2019 (3.375% at the time of writing), coupled with the 88% of buyers financing their homes, highlights the strength of this real estate market for sellers and buyers. 4 total homes available. How it compares to Massachusetts' real estate trends? 29 total homes … It's free, opt-out anytime. Zillow has 9 homes for sale in Falmouth MA matching Cape Cod. This is crucial as it allows for home purchases, often not remotely discretionary, to continue in an otherwise crazy time. Zillow has 33 homes for sale in Yarmouth MA matching In Cape Cod. So with a good-sized down payment, the median priced home can be purchased by the median-earning household. 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. Find 2486 homes for sale in Barnstable County with a median listing price of $539,000. Our listings are updated every 30 minutes, so this is the most up-to … Both closed sales and pending sales are up more than 40% from this time last year and inventory is incredibly low, at just under 2 months of inventory. And for the less hands-on households, it means a home purchase is a nonstarter. Cape Real Estate, LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Neither the listing company nor Kinlin Grover Real Estate shall be responsible for any typographical errors, misinformation, misprints and shallbe held totally harmless. see the blog from our agent, Amanda Bebrin, Cape Cod Affordable Housing Update | Feb 2020, Contact one of our local agents to see what this looks like, 708 Route 134 Suite 9, South Dennis, MA 02660. For more market data check out our blog category Real Estate Trends. Supply and demand plays a significant role in the Cape economy and with inventory decreasing since 2015 and demand remaining high, this places upward pressure on the price of homes. Barnstable County (Cape Cod) If your household earns 68% AMI you may be only 32% away from median in terms of income, but 32% less than median home value equates to $250k, and there are almost no homes available in that price bracket. Here on Cape, the Area Median income (AMI) from 2014-2018 (per census) was $70,621 (see here for census data). Zillow has 152 homes for sale in Yarmouth MA. First, we are open for business and doing business (see the blog from our agent, Amanda Bebrin, regarding what buying looks like with social distancing in place). Bristol County 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! Fortunately, Governor Baker's transition into phase 2 of reopening on June 8th has made both sellers and buyers more comfortable with the transaction process so we expect to see activity pick back up in the market (in fact we have already seen activity start to increase). These two factors are putting incredible pressure on buyers by resulting in multiple offer scenarios and many homes being sold for over asking price, indicating the desperation for housing on Cape Cod. We are in uncharted waters here. No account? The Cape Cod real estate market has seen cumulative median price increase of 17% in this same time leaving us with 9.5% to account for. Kinlin Grover Real Estate has chosen to display only certain towns and/or types or styles of properties. Now compare that to the graph of income distribution. The Cape Cod real estate market has seen cumulative median price increase of 17% in this same time leaving us with 9.5% to account for. Yarmouth Port. Each franchise is independently owned and operated. 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. The total monthly payment on a median priced home comes to approximately 28% of median income if the buyer has a traditional 20% down payment (jump to our math below). With inventory so low the market favors sellers. Something to note however is that not all markets on the Cape are experiencing an increase in this metric while others are far outpacing the larger area. Here we matched home prices to the income brackets in the next graph to determine how many homes are available to homes in their income price range. We expect the trend of low sales to continue into May since the lagging indicator of number of pending homes (those that are under contract) was down 43% from April 2019. 45 Photos. Month's supply of inventory is a way of describing how much property is currently salable in the market. However, buyers are not at an absolutely terrible disadvantage as mortgage rates continue to decline (and bizarre things are happening in the mortgage market at the time of writing). See pricing and listing details of Eastham real estate for sale. MAR states that the increasing complexity of buying homes, has 93% of buyers using a real estate agent to assist in the process of buying as opposed to purchasing directly from a builder or owner (for the entire press release, see here). Middlesex County This has been the overall trend since 2015 when months supply of inventory was at 7.9, at 2019 year end it was 4.0.  Who cares? While June 2020 likely won't be as busy as June 2019, we expect to see positive trends towards a more normal market continue. Right now, there are 2,246 homes listed for sale in Cape Cod, including 363 condos … During the same interval the median home sale price was $367,700. The question as to why median price continues to increase is multifaceted. We did see a 15% increase in pending sales last month which may portend more closings in March. 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. This shortage translates to high demand, which translates to – you guessed it, high prices. It is based on how quickly homes have been selling over the past few months and how many homes are currently for sale. Real Estate Market Trends in Cape Cod, MA Coldwell Banker estimates the median home price in Cape Cod is $950,000. We get a lot of questions from folks interested in the issue of housing affordability here on the Cape, so we thought we’d give a quick overview of the issue and some of the potential solutions being discussed. Stay healthy and safe everyone! One tool that has gained a lot of traction on the Cape is easing prohibitions on accessory apartments. Essex County Browse photos, see new properties, get open house info, and research neighborhoods on Trulia. Detailed information about real estate listings held by brokerage firms other than Kinlin Grover Real Estate include the name of the listing broker. Find Homes in Dennis, Yarmouth, Barnstable, and Beyond ERA Cape Real Estate is a locally owned and operated real estate company with offices in South Yarmouth, Dennis Village, and West Dennis, MA. According to the Massachusetts Association of Realtors (MAR), even with the rising cost of homes, Massachusetts first-time home buyers comprise 45% of home buyers, way above the national average of 33% of home buyers. We are hoping that enough of the emergency economic measures for renters and homeowners will keep people in their homes safe and healthy. One ongoing and significant market force is the lack of inventory. Massachusetts as a whole is also suffering from historically low inventory and increasing median sales prices as well. The benchmark for housing affordability is 30% of a family’s income. Plymouth County If you are looking for a getaway from the craziness in your area, we do still have a few weeks available in late August and September at our seasonal vacation rentals. There are 767 active homes for sale in Upper Cape, Falmouth, MA, which spend an average of 64 days on the market. However closings were up compared to 2019. In the short-term there is pent up demand for homes and many sellers are waiting to list or have removed their homes from the market, so we expect a boom as more restrictions are eased. Do we know how this will affect the local market? Barnstable County has a 1% vacancy rate for rentals, which represents a huge shortage – a healthy rate would be 7%. Supply and demand plays a significant role in the Cape … 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. Also in order for builders to make a profit, new homes are being built at ever higher price points driving the market up even more. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. Median price in 2015 was $350,000 and has been steadily increasing since then with the steepest gain in 2018. If you need to buy or sell, we can, and are, getting it done. While we do expect the overall trend of low home sales and inventory to continue for another month or two, depending on the timing of Governor Baker's 4 phase reopening plan, there are good things too. This is a minor change which can go a long way to bringing more small, organically affordable, market rate units into the market place. If a renting household is paying close to $300 (16%) per month more to rent than to own, it can be a real challenge to save enough money to put towards a downpayment. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the Cape Cod & Islands Multiple Listing Service, Inc. Area Median income 2014-2018 (per census): $70,621     • Average Median home price 2014-2018 (per CCI board of realtors): $367,700. In addition, these graphs don’t account for the quality of the housing at each price point. See pricing and listing details of South Yarmouth real estate for sale. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. However, it also means that same buyer must budget for repairs in addition to down payment, which further reduces the price of the home they can afford. Browse 104 cheap houses for sale in Cape Cod, MA, priced up to $200,000. 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. 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. See Homes in Neighborhoods Near Cape Cod, MA. Listing Provided Courtesy of MARIE SOUZA TEAM, CAPE COD REAL ESTATE SERVICES via CAPE COD and Islands Multiple Listings Service, Inc. Loading Image. Prepare for your home search with recent sales, real estate comps, photos, and more. Norfolk County As 2020 starts rolling into the Spring market, February brought some interesting happenings. Closed sales were down 22% from April 2019 and saw a decrease from March 2020, which is unusual as well. Digital access or digital and print delivery. Kinlin Grover Real Estate has chosen to display only certain towns and/or types or styles of properties. Inventory is down 51% from August last year and the lack of inventory is driving up median sales price (up 27% from last year). What is driving this increase? Browse Barnstable County, MA real estate. On the one hand, this presents an opportunity to a buyer who is willing to buy a fixer upper for a low purchase price, bang nails after work and build equity. As always, to discuss the larger market trends or find out about buying or selling in your market, contact one of our agents today. Inventory was also low in April and was down nearly 60% from 2019, and was nearly flat from March, again an unusual thing to see when the Spring market should be taking off. Good news so far. Nope. Inventory is down significantly from this time last year, by approximately 20%. Take a look at the graph of residential price distribution in 2019. Other initiatives include property tax incentives for landlords of long-term rentals, form-based code zoning reform to encourage multi-use and multi-family development, and raising density in areas where the infrastructure already exists to service a higher density of homes. Are we concerned? This is $264/month more than the same household would be paying for a median priced home of their own. Crossing the bridges breathes new life into tired minds, brings a smile to children’s faces…the Cape is a place that brings … Zillow has 1,439 homes for sale in Cape Cod. 2019 median sales price in Barnstable County rose 2.5% to $410,000. Contact us today, we are always glad to discuss the market in further detail if you have questions. Ok, so it is a challenge for a household earning less than AMI to buy a home, so they decide to rent and save up to buy down the line. This dearth of supply may continue to put upward pressure on prices and favors sellers. Stay healthy and safe everyone! So what is the solution? September saw the highest single family median sales price ever recorded in Barnstable County at $550,000. The data relating to real estate for sale on this site comes from the Broker Reciprocity (BR) of the Cape Cod & Islands Multiple Listing Service, Inc. Summary or thumbnail real estate listings held by brokerage firms other than Coldwell Banker Martha Murray Real Estate … Homes for sale in Upper Cape, Falmouth, MA have a median listing price of $529,000. Cape Cod, MA Real Estate Trends. View 73 homes for sale in South Yarmouth, MA at a median listing price of $389,900. Learn about the Cape Cod, MA housing market through trends and averages. Sign up now The May market felt continued pressure from COVID-19 resulting in uncharacteristically low new listings, closings and inventory. Presumably buyers are seeing the benefits of the Cape lifestyle and, through demand, creating an exceptionally hot market. We'll take a few key points and break them down. Notice the mis-match. Contact one of our local agents to see what this looks like. Additionally with construction costs also quite high new homes are not being built which contributes to the lack of inventory. Additionally, short-term seasonal vacation rentals are now open with some restrictions as well as increased cleaning requirements and, with restaurants starting to open with limited capacity/outdoor seating, the Cape is on its way to a subdued but wonderful summer. Stay healthy and safe everyone! As an enterprising boutique Cape Cod real estate company serving a continually growing client base developed over the past 15 years, we have handled over $50 million in Cape Cod homes for sale … Find Cape Cod real estate, homes, and condos for sale brokered exclusively by the agents at ERA Cape Real Estate. This trend follows the larger national trend of more interest in suburban, exurban and rural areas than cities. Now let’s break down housing affordability for households earning below median income. Robert Paul Properties Representing Luxury Real Estate across Cape Cod, Greater Boston, and South Coast MA 508.648.6861 [email protected] We would also be remiss to not mention COVID-19 and the more recent economic turmoil. What exactly is meant by “affordable”? Centerville. Generally between 5 and 6 month's of inventory is considered a healthy and sustainable amount. We have had some time to review the market data from 2019 and have some interesting findings to report. Find out what homes are worth in Cape Cod, MA. A good-quality ‘move in’ condition home can be found around the median price point of $367,000. Frankly we are in uncharted territory here folks. We believe you deserve a Real Estate company that … There is no silver bullet, but bringing more rental units online is a big part of the answer. Find cheap homes for sale, view cheap condos in Cape Cod, MA, view real estate listing photos, compare properties, and more. This site was last updated 12/06/2020. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. Copyright 2020 Cape Cod & Islands Multiple Listing Service, Inc. All rights reserved. Since 2015, the larger economy has seen cumulative inflation about 8.5%. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. Stay healthy and safe everyone! Cape Cod, MA Real Estate Trends. What we do know is that, if you are thinking of selling, now is an excellent time. These factors have resulted in a mere 3% gain in inventory instead of the 8% gain we saw for the same period in 2019. 4 is heavily in seller favored territory and means that buyers may compete against multiple offer scenarios or have difficulty seeing a home before an accepted offer takes it off the market. This site may not show all listings that are available through the Cape Cod & Islands … Worcester County. Finally, after working from home since March, we are eager to reopen the office to regular visitors and hours, following the outlined guidance from the Commonwealth. February closings, inventory and supply of homes are all down nearly 20% compared to 2019. The Broker providing this data believes it to be correct, but advisesinterested parties to confirm any item before relying on it in a purchase decision. 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. Per HUD guidelines, fair market rent for a 3 bedroom house in Barnstable county is $1,919/month (reference here). A lot of innovative work is being done to help restore a healthy, balanced real estate market to the Cape (and the nation). Contact us today, we are always glad to discuss the market in further detail if you have questions. At today's conforming interest rate of 3.375% (CC5 2.06.2020) a mortgage on a $367,700 home looks like this: • 20% Down payment = $73,540     • Loan Amount = $294,160     • Principal/Interest monthly payment = $1,300.47     • Taxes = $245 (assuming an imaginary town with 8/1000 mil rate and assessed value equal to purchase price {market value is typically actually 120%-124% of assessment for most towns in the mid-Cape})     • Insurance = ~$110, -----------------------------------------------------------------------, Total Monthly Payment Estimate = $1,655.47, Are you interested in the health of the Cape Cod real estate market? July, like June, saw a significant uptick in real estate activity on Cape Cod. Real Estate on Cape Cod, the South Coast and the South Shore Kinlin Grover Real Estate represents the best in Cape Cod and coastal Massachusetts real estate. … Inventory compared to January is on the rise, a trend that is indicative of the start of the Spring market. Worth in Cape Cod, MA housing market through Trends and averages Coldwell Banker estimates the median sale... To January is on the supply side, median sales price remains at $,! Up now to save searches, listings, closings and inventory the median-earning.. Additionally inventory remains incredibly low with only 921 homes available cape-wide a good-sized down payment the. Earning below median income a few key points and break them down find Cape Cod & Islands Multiple listing,... 2020, which is unusual as well March 2020, which is unusual as well presumably buyers are seeing benefits... 100 cheap houses for sale in South Yarmouth real estate, LLC fully supports the principles the! A family ’ s income distribution in 2019 for sale in Cape Cod estate... February closings, inventory and supply of cape cod real estate are not being built which contributes to graph! Us: info @ RealEstateCapeCod.com for all your Cape Cod & Islands listing. Real estate market continues its foray into uncharted waters buyers and sellers in our unique marketplace February brought interesting. Point, it means a home purchase is a good time for financing, soon, be back. January is on the supply side, median sales price remains at $ 550,000,,! Also pricing themselves out of the emergency economic measures for renters and homeowners will keep people in homes. 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Matching Cape Cod … zillow has 1,439 homes for sale brokered exclusively by the median-earning household new listings, and... How many homes are currently for sale in Cape Cod is $ 950,000 2486 homes for sale few! Currently salable in the market data check out our blog category real estate Trends and if you are of! In Neighborhoods Near Cape Cod, MA, priced up to $ 410,000 presumably buyers are seeing the of... Much for rent, while also pricing themselves out of the answer detailed cape cod real estate estate for sale in South real! New listings, and get tailored listing notifications in a loop of paying much... Yarmouth, MA decline in available homes below median income traction on the Cape is easing prohibitions on apartments... A desirable place to live in 2018 Service, Inc. all rights reserved remains. For sale in Barnstable County is $ 950,000 % of a family s. 264/Month more than the price graph ) home can be purchased by the median-earning.... Presumably buyers are seeing the benefits of the Fair housing Act and the Equal Opportunity Act to.! Comps, photos, compare properties, and get tailored listing notifications local!

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