Market Update Jan-May 2021 Lower Cape Cod

June 21st, 2021

So you heard that real estate is a bit crazy right now? Take that and quadruple it because these are unprecedented times.  At the root of this craziness is supply and demand; there is very high demand with few homeowners listing their property for sale. Most of them cannot find a replacement home (whether they want to downsize or buy a larger home), there’s just not much for sale right now. Not just here but all across the Country.  The first five months of the year have been unbelievable. Here is the breakdown for the Lower Cape towns from January through May, 2021:

Chatham – Pending sales of single family homes are up 26.2 percent and Closed sales are up 76.7 percent with 106 sold homes. The Median sale price in Chatham year to date has increased 74.5 percent, from $735,500 to $1,283,750. Normally our busiest market for new listings, they are down 25.6 percent this year.  Condo sales in Chatham are at a record high with 23 under agreement compared to just 3 this time a year ago; an increase of over 600 percent! So far 12 have sold at the Median sale price of $394,500, an increase of 7.6 percent.

Orleans – Pending sales for single family homes are up 67.6 percent with 62 homes under agreement through the end of May, versus 37 the year prior. Closings increased 28.9 percent with 49 sold homes thus far. The Median sale price increased 28.65 percent year to date ending at $977,000.  New listings in Orleans decreased 15.9 percent. Condo sales in Orleans include Pending sales up 38.5 percent and Median sale price up 11.3 percent to $339,000.

Harwich – Single family home sales are down ONLY because there is not enough inventory to meet demand of would-be Harwich Buyers. Pendings are down 4.8 percent, Closings down 14.3 percent but Median sale price UP $24.6 percent to $532,500. Many Buyers are looking towards condos as a viable alternative; Pending condo sales are up 118.2 percent and Closings up 133.3 percent. The Median sale price of condos year to date is up 36.9 percent, to $349,000.

Brewster - Much like Harwich there is not the inventory in Brewster. Pending sales of single family homes are exactly the same as 2020 with 64 under agreement, and Closings down 3.6 percent with only 53 year to date Sold. However, Median sale price is up 30.76 percent, to $637,000. Same in the world of condos in Brewster; through May there were 24 condos Pending, 23 Closed, and a Median sale price up 33.7 percent to $325,000. One of the most stunning statistics to me is days on market for Brewster condos. This went from 87 days in 2020 to just 6 days in 2021, a 93 percent decrease.

So it may be a Seller’s Market right now, but with a top Buyer Agent on your side, you can still make your dream of a home on Cape Cod a reality!

2020 Retrospective on Cape Cod Real Estate

February 10th, 2021

2020 was a year that will go down in history.  We experienced a worldwide pandemic that took thousands of lives and affected Life As We Know It. It hasn’t ended yet but now there’s a light at the end of the tunnel.  2020 also saw the busiest real estate market in the history of real estate, at least on Cape Cod. After a very busy start to our normal spring market, that came crashing to a halt with the Coronavirus.  For many weeks nothing happened in real estate. Then, out of nowhere people started seeing a different big picture than they had before Covid 19. They realized they were going to be working from home for a long time and things possibly would never be the same again. Students of all ages suddenly were home attending class online.  Families were living together again and needed separate spaces, ‘Zoom Rooms’ as one client calls it.

Real estate started to pick up in May of 2020 with buyers streaming out of cities and over the Cape Cod Canal.  If this could become the New Normal, why should they wait until retirement age to live where they love and love where they live? If a home office can be anywhere, why not one in a charming village with sandy beaches to walk the dog on your lunchbreak? Where kids play outside and ride bikes and do the things they can’t in a city? Where the air is fresh and you can actually see the stars at night? So, for the rest of 2020 the real estate community worked relentlessly finding homes for all of the buyers trying to relocate here. Each month the reports from our local Association of Realtors smashed previous records. The level of activity was astounding and did not slow down straight through December. An unbelievable end result.

In Barnstable County which covers all the towns on the Cape (excluding Martha’s Vineyard and Nantucket), Pending sales were up 21.7 percent, Closed sales up 19.3, and the Median sale price up 17.9 percent in 2020 versus 2019. The inventory of homes decreased 56.5 percent.  Now for the four towns I primarily focus on:

In Chatham, Closings of single family homes (SFH) rose 53.5 percent from 185 homes sold in 2019 to 284 sold in 2020. Year over year however, the Median sale price increased just 4.6 percent to $862,750.

Harwich saw 328 SFH Closed in 2020, or a 10.4 percent increase over the 297 SFH sold in 2019. The Median sale price was up 11.5 percent year over year, landing at $514,000.

Orleans had 198 Closed SFH in 2020 versus 106 in 2019; a huge increase of 86.8 percent. The Median sale price rose 13.4 percent to $827,500.

Brewster SFH Closed sales clocked in at a 42.4 percent increase; with 225 Sold versus 158 the prior year. The Median sale price was up 12 percent to $540,000.

Keep in mind that these sales took place over roughly 8 months instead of 12 and you will understand how frenzied the market really was. And still is. Thank goodness for our sandy beaches and lunchbreaks walking my dog!