Cape Cod Market Update April 2019
<h3><img alt="" class="featured featured" src="https://s3.amazonaws.com/files.usmre.com/6177/blog/Market%20Update.jpg" style="margin: 9px; width: 500px; height: 334px; float: right;" />March Review:</h3>
<p>We'll go ahead and say it now, "this was a decent winter for weather." Why does this matter for the real estate market on Cape Cod? With the seasonality of sales here an easy winter sets up sellers to get their properties on the market earlier in the year: i.e. February and March instead of March and April. Last month inventory was up 10% from 2018 and this month it is up 15%. This leaves us with 5.3 months of inventory in Barnstable County which, while still slightly seller favored, is more sustainable and healthy than the 4.7 months of inventory we saw at this time last year. We do notice that the percent of original asking price received is down from last year, but up from February. Finally, average days on market is 120 which brings up an important consideration. Imagine paying two extra months of your mortgage, utilities, taxes and insurance. Now weigh that against a lower list price that will more quickly attract a buyer and result in a sale. If you are considering selling we recommend <a href="https://www.capecodchatelains.com/contact-us/">working with professional Realtors</a> so that you can devise a pricing and marketing strategy that accounts for your needs as a seller. </p>
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<h2>Recent Market Summary</h2>
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<td style="text-align: center;"> </td>
<td style="text-align: center;">Jan</td>
<td style="text-align: center;">Feb</td>
<td style="text-align: center;">Mar</td>
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<td style="text-align: center;"> Closed Sales </td>
<td style="text-align: center;"> 229 </td>
<td style="text-align: center;"> 201 </td>
<td style="text-align: center;"> 291 </td>
</tr>
<tr>
<td style="text-align: center;"> Inventory </td>
<td style="text-align: center;"> 1,626 </td>
<td style="text-align: center;"> 1,693 </td>
<td style="text-align: center;"> 1,837 </td>
</tr>
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<td style="text-align: center;"> Median Sales Price</td>
<td style="text-align: center;"> $395K </td>
<td style="text-align: center;"> $408K </td>
<td style="text-align: center;"> $421.5K </td>
</tr>
<tr>
<td style="text-align: center;"> Avg Days on Market </td>
<td style="text-align: center;"> 112 </td>
<td style="text-align: center;"> 130 </td>
<td style="text-align: center;"> 120 </td>
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<td style="text-align: center;"> Avg % of Original Price </td>
<td style="text-align: center;"> 92% </td>
<td style="text-align: center;"> 91% </td>
<td style="text-align: center;"> 93% </td>
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<p> </p>
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<p style="text-align: center;"><a href="https://www.capecodchatelains.com/blog/posts/2019/03/21/ask-agnes-cost-recovery-and-home-improvements/"><font color="#206799">Ask Agnes: What Improvements</font></a></p>
<p style="text-align: center;"><a href="https://www.capecodchatelains.com/blog/posts/2019/03/21/ask-agnes-cost-recovery-and-home-improvements/"><font color="#206799">add value to my home?</font></a></p>
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<p style="text-align: center;"><a href="https://www.capecodchatelains.com/blog/posts/2019/04/08/spring-cleaning-tips/"><font color="#206799">S</font></a><a href="https://www.capecodchatelains.com/blog/posts/2019/04/08/spring-cleaning-tips/"><font color="#206799">pring cleaning tips</font></a></p>
<p style="text-align: center;"><a href="https://www.capecodchatelains.com/blog/posts/2019/04/08/spring-cleaning-tips/"><font color="#206799">from an expert in...tips</font></a></p>
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<td style="text-align: center;"> <a href="https://www.capecodchatelains.com/blog/posts/2019/03/21/ask-agnes-cost-recovery-and-home-improvements/"><img alt="" src="https://s3.amazonaws.com/files.usmre.com/6177/blog/FRONT.JPG" style="height: 133px; width: 200px; margin: 9px;" /></a> </td>
<td> <a href="https://www.capecodchatelains.com/blog/posts/2019/04/08/spring-cleaning-tips/"><img alt="" src="https://s3.amazonaws.com/files.usmre.com/6177/blog/20190408_113049.jpg" style="height: 113px; width: 200px; margin: 9px;" /></a> </td>
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March
Review:
We'll go ahead and say it now, "this was a decent winter for weather." Why does this matter for the real estate market on Cape Cod? With the seasonality of sales here an easy winter sets up sellers to get their properties on the market earlier in the year: i.e. February and March instead of March and April. Last month inventory was up 10% from 2018 and this month it is up 15%. This leaves us with 5.3 months of inventory in Barnstable County which, while still slightly seller favored, is more sustainable and healthy than the 4.7 months of inventory we saw at this time last year. We do notice that the percent of original asking price received is down from last year, but up from February. Finally, average days on market is 120 which brings up an important consideration. Imagine paying two extra months of your mortgage, utilities, taxes and insurance. Now weigh that against a lower list price that will more quickly attract a buyer and result in a sale. If you are considering selling we recommend working with professional Realtors so that you can devise a pricing and marketing strategy that accounts for your needs as a seller.
| Jan | Feb | Mar | |
| Closed Sales | 229 | 201 | 291 |
| Inventory | 1,626 | 1,693 | 1,837 |
| Median Sales Price | $395K | $408K | $421.5K |
| Avg Days on Market | 112 | 130 | 120 |
| Avg % of Original Price | 92% | 91% | 93% |
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