Posts Tagged ‘Chatham Blog’

Market Update Jan-May 2021 Lower Cape Cod

Monday, 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!

Why Are So Many Homes For Sale in this Neighborhood?

Sunday, November 1st, 2015

Have you ever driven through a neighborhood and noticed that a number of houses all have a For Sale sign posted out front? Did you wonder “what the heck is going on here, is something WRONG that is making everyone move?!” Let me address this as it relates to Chatham and Lower Cape Cod. But first, we have to backtrack.

Investing in vacation homes on Cape Cod, particularly Chatham and the Lower and Outer Cape, really became more doable for people around the 1950’s. Transportation and roads improved, making the ride to the Cape quicker and easier. People had more discretionary income after the war years, and owning a second home became a real possibility. Planned neighborhoods started popping up around the Cape. During the 1960’s and 1970’s there was steady growth and summer populations increased as more home buyers secured their own piece of Cape Cod.

Fast forward to Today. Many of those neighborhoods are that much older. In their heyday, they were new, popular, desirable places to own. Today, most of these homes now belong to the children and heirs of the original owners. While their location hasn’t changed and they are still desirable places to live, many of the homes haven’t changed much, either. So we now have neighborhoods that once flourished with homes that are not in keeping with the standards that today’s Buyer is accustomed to. And while some heirs hang onto the house, for most it is not a reality and they end up selling.

We are at the point where these homes are hitting the market at a higher rate than in the past. Thus, some neighborhoods now seem completely for sale as this cycle of life continues. These properties will be bought and renovated, or in some cases, torn down and rebuilt for today’s lifestyle. The most important thing to keep in mind is LOCATION, because that doesn’t change. If you like a property in a neighborhood where there are several others for sale, look to see if there is evidence of a rebirth of the neighborhood. Are other Owners renovating, building, updating their home? Like they say, “you want the worst house in the best neighborhood”. That is usually a smart investment in any market, in any decade.

So if you see a lot of “For Sale” signs in a certain area, don’t assume this is a negative. Look a little deeper to see if the neighborhood is heading in the right direction. And if it is, you’ll be more than ready to jump when you recognize a listing that’s a good deal.