Back in March, if anyone had said I would have 8 properties under contract by the end of May, I would never have believed it! But suddenly, the current real estate market on Cape Cod is HOT! Remember the opening of the flood gates the experts were talking about? It is happening way sooner than we expected! The number of showings and sales is way up from when I last wrote. Last year, buyers toured an average of 12 homes before buying. Right now, the average is 3! Although the number of sales has not caught up with last year yet, the median sale price in the County in April was up 4.2% over April of 2019.
At least for now, buyers are absolutely driven to find a Cape escape where they can safely enjoy the summer! Multiple offers are also common when a property is in great condition, offers features buyers want, and is priced right. My Sea Pines condo listing recently received 6 offers and a single-family home I listed last Thursday night received 4 offers by the end of Saturday! Both are selling above the list price.
A few properties are selling sight-unseen, but most buyers are able to get here to tour properties. It has helped to provide video tours. Showings are handled using CDC protocols, using masks, gloves, and even shoe coverings in properties that are occupied. All steps of real estate transactions are possible, and we are able to close sales.
Forecasters are still optimistic about the rest of the year, but nobody has a crystal ball, given all of the unique and, for many, difficult and tragic circumstances people are facing. With demand this high and inventory still low, right now might be the very best time to sell a property on Cape Cod for the foreseeable future.
This is also a great time to buy with interest rates still at historic lows! More properties are being listed every day. Be sure your pre-qual letter is updated and keep your checkbook handy. The best values go fast so be ready to hop in the car!
How about my garden? As you can see from the photo, it is a success! We are enjoying lettuce and spinach and almost ready to spice up salads with cilantro! The only problem is that now I don’t have time to weed it!
Although life is not back to normal, I am grateful that my family and I are all still well here. Amazingly, in my mother’s assisted living facility, 100% of the residents and staff tested negative to COVID-19!
Summer weather is here and I’m enjoying being able to help people move on with their lives! I hope you and your loved ones are also well. Stay safe and be patient! I’d love to hear from you!