While sales stabilized or were reduced over the holiday and winter months, Realtors in Cape Cod, Massachusetts say that spring always means higher prices and more competition for buyers.
"More aggressive price reductions are being seen throughout the Cape, greater than I have seen in several years," says Realtor Karen Stefani. "So, if you are seriously considering the purchase of a home on Cape Cod in 2005, you might want to consider your search before the spring market starts and take advantage of current home prices. Since 1/1/2005, I have noticed a considerable jump in inquiries and consumers wanting to set up house-hunting tours."
About the market, Stefani suggests, "Barnstable County Register of Deeds, John F. Meade, reports that the volume of real estate sales in December 2004 was down 2.5 percent from December 2003 volume and the total value of sales was up 5.6 percent from the previous year. The average individual property sale value was up 8.3 percent from the previous year. There was a 2.1 percent increase in the volume of mortgage activity from December 2003 levels."
Says Realtor Donna Schulze, "Cape Cod is an enchanting area of Massachusetts with pristine beaches, super golfing, delightful shopping and restaurants. It's laced in maritime lore and history dating back to the Mayflower. Major employment areas such as Boston and Providence are approximately an hour away."
Schulze advises, "Don't wait for the spring market which historically will cost you more to purchase because of the draw to close before the summer months. Investors should move quickly now. Land is scarce and very, very much in demand. A good buildable lot will cost approximately $180-$300K. The condo market is up approximately 25 percent over last year. If you are a property owner thinking of selling, the time is still very good but remember to price by condition and location and sharpen your pencil as the competition is getting much tougher."
"While the traditional Fall and Winter slowdown is in progress there continues to be sales on the Outer Cape," says Realtor Frank Szedlak. "Listings are continuing to come on line and those buyers who act during this time have a larger and better choice than buyers who come along in the Spring. This is also a great time to get the best summer rentals."
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Published: January 21, 2005
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