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. 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. 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. Stay healthy and safe everyone! The Cape Cod real estate market continues its foray into uncharted waters. 29 total homes … 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. 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. Some good news is that Gov. 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. We have more than 46 Cape Cod realtors providing premier services for home buyers and sellers in our unique marketplace. 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. Take a look at the graph of residential price distribution in 2019. Contact us today, we are always glad to discuss the market in further detail if you have questions. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. Nope. The Cape Cod real estate market continues its unprecedented year. Demand. Contact us today, we are always glad to discuss the market in further detail if you have questions. What exactly is meant by “affordable”? 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). See pricing and listing details of Eastham real estate for sale. 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. Additionally with construction costs also quite high new homes are not being built which contributes to the lack of inventory. Median price in 2015 was $350,000 and has been steadily increasing since then with the steepest gain in 2018. During the same interval the median home sale price was $367,700. April certainly was a little unusual. Barnstable County (Cape Cod) 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). Find cheap homes and condos for sale, view real estate listing photos, compare properties, and more. One tool that has gained a lot of traction on the Cape is easing prohibitions on accessory apartments. Closed sales and pending sales are both up significantly from this time last year leading to the dearth of inventory that is still driving the market (as well as driving increasing prices). Looking at last month here is what we know. 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. September saw the highest single family median sales price ever recorded in Barnstable County at $550,000. This site may not show all listings that are available through the Cape Cod & Islands … Browse 100 cheap houses for sale in Cape Cod, MA, priced up to $300,000. What is driving this increase? 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). It’s a topic that is near and dear to our hearts – if you ever have questions, please don’t hesitate to reach out. This trend has increased through this decade. As 2020 starts rolling into the Spring market, February brought some interesting happenings. The lesson for buyers is be prepared! What do we expect for the fall? 4 total homes available. See pricing and listing details of South Yarmouth real estate for sale. A lot of innovative work is being done to help restore a healthy, balanced real estate market to the Cape (and the nation). 296 Scudder Avenue. 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. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. Detailed information about real estate listings held by brokerage firms other than Kinlin Grover Real Estate include the name of the listing broker. 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. One ongoing and significant market force is the lack of inventory. 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. See Homes in Neighborhoods Near Cape Cod, MA. If you are thinking of buying, while the market may seem outrageous there are still good values out there so don't get discouraged. 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. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. This site was last updated 12/06/2020. Listing Provided Courtesy of MARIE SOUZA TEAM, CAPE COD REAL ESTATE SERVICES via CAPE COD and Islands Multiple Listings Service, Inc. Loading Image. For more market data check out our blog category Real Estate Trends. 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. Inventory compared to January is on the rise, a trend that is indicative of the start of the Spring market. We are in an unprecedented market on Cape Cod folks. So with a good-sized down payment, the median priced home can be purchased by the median-earning household. View 73 homes for sale in South Yarmouth, MA at a median listing price of $389,900. Cape Real Estate, LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. We are in uncharted waters here. 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. For more market data check out our blog category Real Estate Trends. Suffolk County February closings, inventory and supply of homes are all down nearly 20% compared to 2019. This is good news as it indicates the State is a desirable place to live. Bristol County Barnstable County has a 1% vacancy rate for rentals, which represents a huge shortage – a healthy rate would be 7%. 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. 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). Inventory is down significantly from this time last year, by approximately 20%. Presumably buyers are seeing the benefits of the Cape lifestyle and, through demand, creating an exceptionally hot market. Norfolk County Stay healthy and safe everyone! 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). Frankly we are in uncharted territory here folks. 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. 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. Good plan – but let’s take a look at rental market first. Cape Cod Real Estate … 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. This is crucial as it allows for home purchases, often not remotely discretionary, to continue in an otherwise crazy time. Robert Paul Properties Representing Luxury Real Estate across Cape Cod, Greater Boston, and South Coast MA 508.648.6861 info@robertpaul.com View 77 homes for sale in Eastham, MA at a median listing price of $564,500. 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. Prepare for your home search with recent sales, real estate comps, photos, and more. Notice the mis-match. 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. 45 Photos. Crossing the bridges breathes new life into tired minds, brings a smile to children’s faces…the Cape is a place that brings … 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. This dearth of supply may continue to put upward pressure on prices and favors sellers. (If we could graph housing quality against price point, it would show an even sharper peak than the price graph). Stay healthy and safe everyone! Zillow has 9 homes for sale in Falmouth MA matching Cape Cod. Most remarkably is that median sales price remains at $550,000, up 25% from this time last year. to save searches, listings, and get tailored listing notifications. Here on Cape, the Area Median income (AMI) from 2014-2018 (per census) was $70,621 (see here for census data). While June 2020 likely won't be as busy as June 2019, we expect to see positive trends towards a more normal market continue. However closings were up compared to 2019. Stay healthy and safe! All of these things indicate that life will, soon, be getting back to normal. Contact us today, we are always glad to discuss the market in further detail if you have questions. It is based on how quickly homes have been selling over the past few months and how many homes are currently for sale. Right now, there are 2,246 homes listed for sale in Cape Cod, including 363 condos … Cape Cod, MA Real Estate Trends. There is no silver bullet, but bringing more rental units online is a big part of the answer. So what is the solution? Contact us today, we are always glad to discuss the market in further detail if you have questions. Closed sales were down 22% from April 2019 and saw a decrease from March 2020, which is unusual as well. Second, mortgage rates are at near historic lows and if you are buying, now is a good time for financing. 1,555 Homes For Sale in Cape Cod, MA. Each franchise is independently owned and operated. We are hoping that enough of the emergency economic measures for renters and homeowners will keep people in their homes safe and healthy. 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 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? 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. The May market felt continued pressure from COVID-19 resulting in uncharacteristically low new listings, closings and inventory. … Centerville. They are stuck in a loop of paying too much for rent, while also pricing themselves out of the possibility of homeownership. No account? Massachusetts as a whole is also suffering from historically low inventory and increasing median sales prices as well. … 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. 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. Good news so far. Zillow has 1,439 homes for sale in Cape Cod. Neither the listing company nor Kinlin Grover Real Estate shall be responsible for any typographical errors, misinformation, misprints and shallbe held totally harmless. In addition, these graphs don’t account for the quality of the housing at each price point. Kinlin Grover Real Estate has chosen to display only certain towns and/or types or styles of properties. When the Spring market should have been in full swing much came to a grinding halt instead. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. Find out what homes are worth in Cape Cod, MA. 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. Find cheap homes for sale, view cheap condos in Cape Cod, MA, view real estate listing photos, compare properties, and more. We believe you deserve a Real Estate company that … Digital access or digital and print delivery. 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 inventory remains incredibly low with only 921 homes available cape-wide. For more market data check out our blog category Real Estate Trends. Zillow has 152 homes for sale in Yarmouth MA. This trend follows the larger national trend of more interest in suburban, exurban and rural areas than cities. 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? 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. A good-quality ‘move in’ condition home can be found around the median price point of $367,000. This is a minor change which can go a long way to bringing more small, organically affordable, market rate units into the market place. Find 2486 homes for sale in Barnstable County with a median listing price of $539,000. However, once you get down to about the $300,000 mark it is extremely challenging to find a home that is not in need of significant repairs or upgrades before it is ready for occupancy. Browse Barnstable County, MA real estate. Find Cape Cod real estate, homes, and condos for sale brokered exclusively by the agents at ERA Cape Real Estate. Your Cape Cod Real Estate & Homes for Sale Experts. Per HUD guidelines, fair market rent for a 3 bedroom house in Barnstable county is $1,919/month (reference here). Stay healthy and safe everyone! Learn about the Cape Cod, MA housing market through trends and averages. 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). Browse 104 cheap houses for sale in Cape Cod, MA, priced up to $200,000. Why the mis-match? Do we know how this will affect the local market? Stay healthy and safe yourself! Nantucket County July, like June, saw a significant uptick in real estate activity on Cape Cod. 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. 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. Cape Cod, MA Real Estate Trends. It's free, opt-out anytime. 2019 median sales price in Barnstable County rose 2.5% to $410,000. 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. 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. We have had some time to review the market data from 2019 and have some interesting findings to report. Our listings are updated every 30 minutes, so this is the most up-to … For over 30 years, Kinlin Grover has represented Luxury Real Estate and Beach House properties on Cape Cod… Homes for sale in Upper Cape, Falmouth, MA have a median listing price of $529,000. With inventory so low the market favors sellers. These factors have resulted in a mere 3% gain in inventory instead of the 8% gain we saw for the same period in 2019. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. Stay healthy and safe everyone! See Homes in Neighborhoods Near Cape Cod, MA. How it compares to Massachusetts' real estate trends? Are we concerned? With so much pressure on the supply side, median sales price increased 6.4% from this time last year. Supply and demand plays a significant role in the Cape … Copyright 2020 Cape Cod & Islands Multiple Listing Service, Inc. All rights reserved. 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 … Month's supply of inventory is a way of describing how much property is currently salable in the market. And for the less hands-on households, it means a home purchase is a nonstarter. The benchmark for housing affordability is 30% of a family’s income. We’d be happy to discuss in greater detail. Browse photos, see new properties, get open house info, and research neighborhoods on Trulia. 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. We would also be remiss to not mention COVID-19 and the more recent economic turmoil. Real Estate Market Trends in Cape Cod, MA Coldwell Banker estimates the median home price in Cape Cod is $950,000. Contact one of our local agents to see what this looks like. As always, to discuss the larger market trends or find out about buying or selling in your market, contact one of our agents today. 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. Essex County There are 767 active homes for sale in Upper Cape, Falmouth, MA, which spend an average of 64 days on the market. 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. If you need to buy or sell, we can, and are, getting it done. This is $264/month more than the same household would be paying for a median priced home of their own. 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 … Notice the steep decline in available homes below median income affordability of $367k. Sign up now Dukes County (Martha's Vineyard) 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. Who knows? Choose the plan that’s right for you. Learn about the Cape Cod, MA housing market through trends and averages. We'll take a few key points and break them down. Since 2015, the larger economy has seen cumulative inflation about 8.5%. CONTACT US: info@RealEstateCapeCod.com for all your Cape Cod Real Estate needs! Plymouth County Kinlin Grover Real Estate has chosen to display only certain towns and/or types or styles of properties. The question as to why median price continues to increase is multifaceted. This shortage translates to high demand, which translates to – you guessed it, high prices. 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. 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. Middlesex County Now compare that to the graph of income distribution. So let’s circle back to the median home value calculation above, which assumed that our median earning family had a 20% downpayment to apply to their median-priced home. Zillow has 33 homes for sale in Yarmouth MA matching In Cape Cod. Now let’s break down housing affordability for households earning below median income. Generally between 5 and 6 month's of inventory is considered a healthy and sustainable amount. Stay healthy and safe everyone! Area Median income 2014-2018 (per census): $70,621     • Average Median home price 2014-2018 (per CCI board of realtors): $367,700. 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. 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. All properties are subject to prior sale, changes, or withdrawal. Well, not exactly. County 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. 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. Zillow has 1,496 homes for sale in Barnstable County MA. Yarmouth Port. For more market data check out our blog category Real Estate Trends. 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. Worcester County. 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