On the Cape (as in many parts of the country and resort destinations), turns out that having less than two months of inventory, along with decades of housing underproduction and second home owners choosing the beach house as their primary residence, drives prices to new heights.
“Low inventory levels continue to drive up prices. According to the Cape Cod & Islands Association of Realtors’ latest data, the median sales price of a single-family home in Barnstable County set a new record high in the region, rising to $653,500. The median sales price for condominiums was $339,500,” reported Boston Agent Magazine.
In March, 43% of Cape homes sold above asking price, along with the accompanied bidding wars, compared to only 11% of Cape listings in March ’20 that sold above asking price. How much these most recent homes are selling over asking price will be known once the closings hit the record books in May and June. How those comps and continued supply/demand imbalances play out will surely keep above asking prices and bidding wars par for the course throughout 2021.
To learn more, or for a complimentary custom micro-market analysis or property report, check in with Aviator Properties Team.