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Real Estate Update

August 2020.

The big news in local real estate is the unprecedented buyer demand and shrinking availability of homes for sale. With fewer homes for buyers to choose from, homes are selling quickly and they are selling close to asking price - sometimes even higher.

And with historically low interest rates, "those shopping for a home right now can afford 10 percent more home than they could have one year ago, while keeping their monthly payment unchanged. This means the average home buyer can afford nearly $32,000 more home than they could at the same time last year."*

A closer look at the Cape Cod market
With many buyers from Boston and the New York metro area seeking fresh air, space privacy and the natural beauty of our area, July broke historical records for the most volume in real estate transacted in Barnstable County. This represents a 93% increase in volume from July 2019. 60% of all listings put on the market in Barnstable County after July 1 were under agreement by August 10.**

  • At the end of July, there were 1,128 single-family homes and 372 condominiums for sale.
  • Last July, there were 2,043 single-family homes and 539 condos listed for sale, a 44.8% decrease, and a 31% decrease, respectively.

A closer look at the South Shore and South Coast market
Year to date there have been approximately half as many new listings that have come on the market over last year, yet each area had nearly the same amount of pendings and solds in 2020 as in the same time in 2019. For example:

  • Plymouth County had just 708 new listings versus 1,517, yet approximately 4,000 pendings or solds in both 2019 and 2020.
  • Bristol County had just 553 new listings versus 1,068 in 2019, yet approximately 3,100 pendings or solds in both 2019 and 2020.

Even homes that had been lingering on the market for several years are finally selling due to very limited inventory. Additional indicators of the hot market include average days on market (nearly half from last year) and average sales price - up in both counties; Bristol (+4.68%) and Plymouth (+6.89%).***

Currently, our 450+ agents are working with qualified buyers actively searching for homes just like yours. If you're considering selling your home and would like a complimentary home valuation, please use our home valuation form or contact your favorite Kinlin Grover agent.

*Mortgage News Daily, **CCIAOR July Market Report, ***MLS PIN as of 8/24/2020 @6:40AM for the Date 1/1/2020 to 7/31/2020.