A traditionally diverse housing market is becoming even more distinct as inventory shortages and rising prices for homes below half a million dollars continues to dominate the overall view of the Cape Cod housing market.
When dividing the Barnstable County real estate market into segments, there is only 2.4 months of available homes for sale priced below $500,000 in Barnstable County in the Cape Cod & Islands Multiple Listing Service (CCIMLS). Months supply of inventory increases as price points rise: There is six months of supply for homes priced between $500,000 and $1 million; and 12 months of supply for homes priced more $1 million. Generally, a balanced real estate market will have six to nine months supply of inventory.
“From a market perspective, the homes priced under half a million dollars are selling quickly and there is a lot of pent up buyer demand both from those who live here year-round and those who wish to own a home recreationally. Buyers need to be prepared to act quickly in that price range,” said Martha Knapp, president of the Cape Cod & Islands Association of REALTORS (CCIAOR). “The differing market demands highlight why it is important to seek out professional help in the form of a Realtor to help navigate the uniqueness of the Cape Cod market as a buyer or seller.”
Buyer interest is confirmed with data from CCIMLS, the most comprehensive database of properties for sale on Cape Cod. Fifty-five percent of all online listing views for Cape Cod properties are between $300,000 and $500,000, yet that price range represents only 26% of the active listings.