Cape Cod Market Update March 2021

February Review: 

  The Cape Cod real estate market continues into unprecedented territory driven largely by dwindling inventory. At the end of February there were 343 homes for sale in Barnstable County, which is down 77% from the same period in 2020 and continues the trend of decreasing inventory we have seen largely unbroken since the start of the pandemic in the Spring of last year. This is a shockingly low number of homes for sale and has driven the "months of inventory" to less than 1 month - considering a "healthy market" has 5 or 6 months of inventory this number is concerning. Furthermore with historically low mortgage rates (though not record low any more) the frenzy for buyers to get into the market ASAP does not seem to be going away any time soon. As vaccination rates increase and life slowly begins to return to some semblance of normalcy we are hopeful that inventory will slowly start to increase leading to a more sustainable real estate market. Whichever seat you are in, whether buying or selling, 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.

	Dec	Jan	Feb
Closed Sales	491	297	264
Inventory	542	453	343
Median Sales Price	$570K	$570k	$560k
Avg Days on Market	57	67	76
Avg % of Original Price	98%	98%	98%