/ December 6, 2020/ Uncategorized

Presumably buyers are seeing the benefits of the Cape lifestyle and, through demand, creating an exceptionally hot market. Norfolk County 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. Generally between 5 and 6 month's of inventory is considered a healthy and sustainable amount. Demand. September saw the highest single family median sales price ever recorded in Barnstable County at $550,000. 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. With so much pressure on the supply side, median sales price increased 6.4% from this time last year. It's free, opt-out anytime. Plymouth County This is good news as it indicates the State is a desirable place to live. Are we concerned? View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. What we do know is that, if you are thinking of selling, now is an excellent time. What is driving this increase? Since 2015, the larger economy has seen cumulative inflation about 8.5%. Nope. We'll take a few key points and break them down. 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. Inventory compared to January is on the rise, a trend that is indicative of the start of the Spring market. The benchmark for housing affordability is 30% of a family’s income. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. Sign up now For more market data check out our blog category Real Estate Trends. 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). Learn about the Cape Cod, MA housing market through trends and averages. Prepare for your home search with recent sales, real estate comps, photos, and more. Area Median income 2014-2018 (per census): $70,621     • Average Median home price 2014-2018 (per CCI board of realtors): $367,700. What do we expect for the fall? See Homes in Neighborhoods Near Cape Cod, MA. As 2020 starts rolling into the Spring market, February brought some interesting happenings. Now let’s break down housing affordability for households earning below median income. 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. Stay healthy and safe! We have more than 46 Cape Cod realtors providing premier services for home buyers and sellers in our unique marketplace. We have had some time to review the market data from 2019 and have some interesting findings to report. What exactly is meant by “affordable”? 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). 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. Contact us today, we are always glad to discuss the market in further detail if you have questions. If you are thinking of buying, while the market may seem outrageous there are still good values out there so don't get discouraged. These factors have resulted in a mere 3% gain in inventory instead of the 8% gain we saw for the same period in 2019. 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. We are in an unprecedented market on Cape Cod folks. Browse 104 cheap houses for sale in Cape Cod, MA, priced up to $200,000. Stay healthy and safe everyone! 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. 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. 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. 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. Contact us today, we are always glad to discuss the market in further detail if you have questions. Homes for sale in Upper Cape, Falmouth, MA have a median listing price of $529,000. 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. This trend has increased through this decade. 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. Zillow has 1,439 homes for sale in Cape Cod. Contact one of our local agents to see what this looks like. Notice the steep decline in available homes below median income affordability of $367k. Stay healthy and safe everyone! We are hoping that enough of the emergency economic measures for renters and homeowners will keep people in their homes safe and healthy. We would also be remiss to not mention COVID-19 and the more recent economic turmoil. Good news so far. Find out what homes are worth in Cape Cod, MA. 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. And for the less hands-on households, it means a home purchase is a nonstarter. 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? Real Estate Market Trends in Cape Cod, MA Coldwell Banker estimates the median home price in Cape Cod is $950,000. One tool that has gained a lot of traction on the Cape is easing prohibitions on accessory apartments. 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. Per HUD guidelines, fair market rent for a 3 bedroom house in Barnstable county is $1,919/month (reference here). Closed sales were down 22% from April 2019 and saw a decrease from March 2020, which is unusual as well. Now compare that to the graph of income distribution. For more market data check out our blog category Real Estate Trends. 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). 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. All properties are subject to prior sale, changes, or withdrawal. Find Cape Cod real estate, homes, and condos for sale brokered exclusively by the agents at ERA Cape Real Estate. 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. Additionally inventory remains incredibly low with only 921 homes available cape-wide. View 73 homes for sale in South Yarmouth, MA at a median listing price of $389,900. Additionally with construction costs also quite high new homes are not being built which contributes to the lack of inventory. 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%. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. Stay healthy and safe everyone! Zillow has 9 homes for sale in Falmouth MA matching Cape Cod. 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. Zillow has 1,496 homes for sale in Barnstable County MA. No account? 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). With inventory so low the market favors sellers. See pricing and listing details of South Yarmouth real estate for sale. Learn about the Cape Cod, MA housing market through trends and averages. Why the mis-match? A lot of innovative work is being done to help restore a healthy, balanced real estate market to the Cape (and the nation). 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. Cape Cod Real Estate … 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. 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. Find 2486 homes for sale in Barnstable County with a median listing price of $539,000. They are stuck in a loop of paying too much for rent, while also pricing themselves out of the possibility of homeownership. 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. Inventory is down significantly from this time last year, by approximately 20%. Find cheap homes and condos for sale, view real estate listing photos, compare properties, and more. Robert Paul Properties Representing Luxury Real Estate across Cape Cod, Greater Boston, and South Coast MA 508.648.6861 info@robertpaul.com Month's supply of inventory is a way of describing how much property is currently salable in the market. 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. 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. 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). For over 30 years, Kinlin Grover has represented Luxury Real Estate and Beach House properties on Cape Cod… Massachusetts as a whole is also suffering from historically low inventory and increasing median sales prices as well. The Cape Cod real estate market continues its unprecedented year. 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. 2019 median sales price in Barnstable County rose 2.5% to $410,000. Nantucket County We are in uncharted waters here. 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. How it compares to Massachusetts' real estate trends? 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. Essex County 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. Stay healthy and safe everyone! There is no silver bullet, but bringing more rental units online is a big part of the answer. Cape Cod, MA Real Estate Trends. Some good news is that Gov. Dukes County (Martha's Vineyard) This trend follows the larger national trend of more interest in suburban, exurban and rural areas than cities. The May market felt continued pressure from COVID-19 resulting in uncharacteristically low new listings, closings and inventory. Copyright 2020 Cape Cod & Islands Multiple Listing Service, Inc. All rights reserved. For more market data check out our blog category Real Estate Trends. Bristol County One ongoing and significant market force is the lack of inventory. So what is the solution? … We believe you deserve a Real Estate company that … Kinlin Grover Real Estate has chosen to display only certain towns and/or types or styles of properties. Good plan – but let’s take a look at rental market first. See Homes in Neighborhoods Near Cape Cod, MA. However closings were up compared to 2019. Listing Provided Courtesy of MARIE SOUZA TEAM, CAPE COD REAL ESTATE SERVICES via CAPE COD and Islands Multiple Listings Service, Inc. Loading Image. We did see a 15% increase in pending sales last month which may portend more closings in March. Contact us today, we are always glad to discuss the market in further detail if you have questions. Barnstable County (Cape Cod) 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. This shortage translates to high demand, which translates to – you guessed it, high prices. Who knows? View 77 homes for sale in Eastham, MA at a median listing price of $564,500. This dearth of supply may continue to put upward pressure on prices and favors sellers. If you need to buy or sell, we can, and are, getting it done. 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. April certainly was a little unusual. For more market data check out our blog category Real Estate Trends. Our listings are updated every 30 minutes, so this is the most up-to … 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. Take a look at the graph of residential price distribution in 2019. 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 site may not show all listings that are available through the Cape Cod & Islands … Second, mortgage rates are at near historic lows and if you are buying, now is a good time for financing. 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. 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. 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. Middlesex County February closings, inventory and supply of homes are all down nearly 20% compared to 2019. There are 767 active homes for sale in Upper Cape, Falmouth, MA, which spend an average of 64 days on the market. We’d be happy to discuss in greater detail. 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 … 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). While June 2020 likely won't be as busy as June 2019, we expect to see positive trends towards a more normal market continue. All of these things indicate that life will, soon, be getting back to normal. Each franchise is independently owned and operated. It is based on how quickly homes have been selling over the past few months and how many homes are currently for sale. Here on Cape, the Area Median income (AMI) from 2014-2018 (per census) was $70,621 (see here for census data). 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. When the Spring market should have been in full swing much came to a grinding halt instead. Detailed information about real estate listings held by brokerage firms other than Kinlin Grover Real Estate include the name of the listing broker. Inventory is down 51% from August last year and the lack of inventory is driving up median sales price (up 27% from last year). Zillow has 152 homes for sale in Yarmouth MA. 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. 45 Photos. In addition, these graphs don’t account for the quality of the housing at each price point. As always, to discuss the larger market trends or find out about buying or selling in your market, contact one of our agents today. Stay healthy and safe everyone! The Cape Cod real estate market continues its foray into uncharted waters. Most remarkably is that median sales price remains at $550,000, up 25% from this time last year. So with a good-sized down payment, the median priced home can be purchased by the median-earning household. 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. 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. Centerville. 1,555 Homes For Sale in Cape Cod, MA. Worcester County. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. Browse photos, see new properties, get open house info, and research neighborhoods on Trulia. County Contact us today, we are always glad to discuss the market in further detail if you have questions. 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. 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.

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