Real Estate on Cape Cod-Been down so long it looks like up!
Prices to fall further vs real estate prices on uptick, interest levels rising vs affordability reduced. Jobs uncertain vs no double dip recession. Recent news is more optimistic, for sure, but always tempered with ‘as long as…’ or ‘but if’.
I have been digesting both the last quarter 2010 summaries and the 2011 outlooks, and the picture is not clear. Cape Cod’s real estate market is distinct from the rest of Massachusetts, as we are a ‘vacation home’ community within commuting distance to a major city with strong and diverse employment.
I would be naïve to suggest that Cape Cod Real Estate sales are not vulnerable to future economic uncertainty, but we may have taken our ‘hit’ and could be heading up in sales volume and average price in 2011. Since January 1, 2011, we have had a substantial increase in Buyer traffic, precipitated by jump in interest rates from their 2010 lows, and by the prospect of significant activity on both the very low end of pricing and the luxury property segment. Sandwiched in between-the mid range houses from $300,000-1,000,000 there are buyers looking, but carefully considering each decision, and awaiting price reductions to motivate them to act.
In summary, we see bright signs ahead, with 2011 likely to be the transition year to a modest real estate recovery in 2012 for Cape Cod real estate. Asking prices on individual properties are not set to rise, but as I have said before, properties that show very well and are priced for the current competition have an excellent chance of getting sold in early 2011. See Chart below (from Cape and Islands MLS reports) showing inventory levels in December dropped to only 10 months at the current rate of sales-a great sign to demonstrate movement in market. If you have questions, or would like more information about the Cape Cod Real estate marekt, contact me at deb@onestophomes.com
Deborah Schilling,
…One yard at a time –selling Cape Cod real estate for 25 years, with focus on Villages of Barnstable and beyond, including Marstons Mills, Cotuit, Osterville, Centerville, Hyannis, Barnstable and West Barnstable.
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