Cape Cod Real Estate Boom Leads to Over-Asking Price Deals

WEST YARMOUTH – Cape Cod and Islands Association of Realtors CEO Ryan Castle said during a recent virtual summit that there have been instances of homes being sold on Cape Cod at costs above the original price tag.

Housing activity within Barnstable County was stifled a few months ago due to the coronavirus outbreak, but pent-up demand was building. Now, the region is seeing that demand turn into activity.

“After about May 15, we’ve seen an explosion in the real estate market; and when I say this, it’s unprecedented what we’re seeing on Cape Cod,” Castle said.

In July, there was $460 million in dollar volume being transacted on the market, which is $120 million more than the previous high for a single month.

Buyers are more willing to buy than sellers are willing to put their homes up, Castle added, and expensive transactions mixed with low inventory have driven the median sales price up in the region.

He said that there have “absolutely” been instances of buyers going above initial asking prices.

The number of days homes spent on the market also increased in July due to that lack of availability. Castle said that places throughout the region are now selling after multiple looks on the market.

“Now, it seems homes at all price levels are getting multiple offers quickly,” he said.

Home showing protocols in the age of COVID-19 have actually played a factor into the fact that multiple high-value offers are being received, Castle explained, as socially distanced showings scheduled throughout the day lead up to offers coming in at the end of the week.

Castle hopes to see this recent housing boom lead to the development of an innovative and sustainable year-round economy on the Cape.

About Brendan Fitzpatrick

Brendan, a recent graduate from the University of Massachusetts Amherst, is one of the newest members of the NewsCenter team. When not on the beat, you'll probably find him watching Boston sports.
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