Posts Tagged ‘harwich ma real estate’

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!

Invest or Not to Invest in Real Estate on Cape Cod?!

Tuesday, November 12th, 2013

The momentum of Cape Cod real estate sales continued steadily throughout the summer, slowing down only when the Government put up a CLOSED sign. That appears to have caused a general wariness among Buyers now uncertain of the future. Instead of jumping on some incredible deals and the lowest home prices in years, they have pulled back and are reevaluating their investment options. While it’s always wise to be careful and not make rash financial decisions, investing in real estate over the long term is one of the best choices you can make.

For example, take Harwich, MA. According to the Warren Group, the median sale price for a single family home in Harwich in 1999 was $159K. That number peaked in 2005 at $395K, fell to a low of $325K in 2009, but has been steadily climbing since and in 2013 is $346K. So yes, the prices were affected during the housing crisis; but they are bouncing back. And unlike the stock market or your 401K, real estate is a tangible investment that you can actually use and enjoy personally. Weekends, summers, a year-round getaway, or rental property – if you take care of it, it will grow in value at the same time you enjoy real benefits from owning a home on Cape Cod.

As we head towards winter, this is the time to find a deal. There are a large number of homes to choose from; most towns are still at their bottom in pricing, interest rates still favorable, and many Sellers are ready to negotiate. Government leaders will come and go, and they will continue to squabble like the Thanksgiving turkeys that will soon be on our table! Don’t let them dictate the best course of action for YOU and your future. The time to find your Cape Cod investment home is now!
Please let me know if I can help narrow the search!