Cape Cod Home Prices Remain Strong

There’s continued good news about the Cape Cod real estate market and home prices.

According to preliminary data from the Cape Cod & Islands Association of REALTORS® (CCIAOR), April’s median sales price for single family homes was $425,000.00 and for condominiums, $250,000.00. In April 2018, the median price was $399,000.00 for single-family homes and $295,000.00 for condos.

New listings in April for single-family homes were 629, and 191 for condominiums. This is a 4.1 percent increase, and a 40.4 percent increase respectively from the same period a year ago, which had 604 new listings for single-family homes and 136 new listings for condominiums.

While home values are up and foreclosures and short sales are at their lowest point in years, the market continues to lag behind with available inventory.

If you are thinking of selling your home, there couldn’t be a better time than now. Demand increases in the summer and your house will be in a strong position at a time when competition is still somewhat limited.

Our experience continues to show that homes that are priced and promoted correctly do not remain on the market long and sell at very good prices. (See the next article.)

If you’d like to discuss your options, we’d be happy to meet with you. Please contact us via the comment section or by calling 508-568-8191.

Even in these days with so much information on line about homes for sale, the Open House remains a key element in any successful marketing plan.

The challenge for real estate professionals in a market with tight inventory is attracting potential buyers to the homes they’re representing.

We’ve recently had success with “Mega Open Houses.” (That’s an industry term.) An ice cream truck with complementary ice cream can attract not only potential buyers, but neighbors, who may know of friends or relatives looking to relocate. Not only did we have the ice cream truck at a recent Open House, we also did some legwork leaving flyers at 100 nearby homes and talking to residents about the property.

This personal effort was accompanied by an aggressive use of several social media platforms and company advertising.

Bottom line: The property sold in three weeks at 100% of asking price! (Average days on the market on Cape Cod is 120.)

And finally…

We hope you have a safe and enjoyable Memorial Day Weekend. Let’s never forget…

Mari and Hank