Cape Cod Housing Shortage Drives Bidding Wars This Spring

Exterior Home Sold by Coldwell Banker

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.


About the Author

I am the lead real estate agent and founder of the Aviator Properties Team within the premier global brokerage, Coldwell Banker Realty. I'm a Boston, Brookline, and Newton resident since relocating from Washington, DC in 2002 to earn my MBA at Babson College in Wellesley. While Metro West is my home base, my Massachusetts real estate adventures take me from the Berkshires to the Cape and everywhere between to find the extraordinary properties that my clients call home.

My real estate expertise is buoyed by previous experiences ranging from CEO of a venture-backed startup to a decade long stint in TV production. I've been a buyer and seller of residential and commercial real estate, and have founded and operated successful multi-million dollar businesses spanning the industries of e-commerce, consumer products, toys, electronics, and content creation.

Always striving for service excellence, my clients find me overly organized, highly communicative, thoroughly detail-oriented, a creative problem solver, analytically driven, and thoughtful win-win negotiator. My entrepreneurial approach draws upon a cross-sectional toolkit of finance, development, management, sales, marketing, and negotiation skills to deliver reliably favorable results.

A dedicated husband and father of two kids (and two cats), my hobbies range from RC car and drone racing to the pursuit of live music and world travel, and poking holes in the clouds as a private pilot. I am "always-on" and ready to be your secret weapon in your home buying or selling mission. I prize my clients and look forward to sharing my passion for winning at real estate with you!

Real Estate Accreditations: Massachusetts Association of REALTORS®, Accredited Buyers Representative, Luxury Property Specialist, Resort and Second-Home Property Specialist