Market Update:

December 2018 vs. December 2019

The Cape House Show: Episode 79

 

This week it is market update time and we are looking at the stats for Dennis right now for the month of December compared to the month of December last year. And, in short, these stats all point to a seller’s market.

Now, some things that are pretty typical in December, you know the holidays really slow things down. And if you look over here, the unit sales are usually pretty slow. Yeah, they’re up 13% this December from last December. That’s a thing. Median sale price is up. Inventory is down. Days on market’s gone up a little bit so I’d say that’s one thing that kind of favors the buyers but in general, 2.9 months of supply

and that’s down almost 50% from last December. You guys, this is, the sellers are still so much in charge.

Let’s take a look quickly at what Yarmouth looks like. Actually, look at, just to drive point my home about, let’s look at 12 months, let’s just look at the year. So factors, changes favoring sellers. Virtually every stat, except one, favors sellers. It’s unequivocally a seller’s market and continues to be. Which is really funny because we had talked all last year and really the past five years, like, 2019, 2020, that’s where we’re gonna see it come off, it’s gonna soften, we’re gonna have a recession. We’re not. Not right now, that’s for sure. There are things that could happen that could trigger something, but I don’t think we’re gonna see anything drastic based on much smarter people than me.

Let’s compare Dennis and Yarmouth. Let’s have a look. So, same thing. Unit sales are up in Yarmouth. Median sale price is up. Inventory is down. Days on market is up a little bit, so that’s the one thing that’s sort of favoring a buyer. Months of supply is down. And then if we kind of look at them as a combo. They follow pretty similar, um… Let’s get here, I can hardly do two things at the same time. So if you look you can see that we’re following a pretty similar path. This is median price per square foot. Continues to climb, year after year, this is the past four years. Steady climb, looks like it may be leveling off a little bit here in Yarmouth. We’ll see what happens.

But, anyway. There’s really not much more to talk about it’s pretty crystal clear that the market is very strong for sellers. There’s very little inventory. Just like we do every year, come the next six weeks, we’re gonna start to see a lot more properties come on. And then we’re gonna see a giant amount of properties come on. Probably, they’ll be a big batch in March

and a big batch in April. And it’s gonna be very, very competitive. Right now buyers are, we’ve got… We’ve got buyers who are losing out on bidding wars in January. I think if the snow holds off this is gonna continue. Snow’ll slow us down for as long as it’s on the ground it makes it hard for people to get around. But as soon as snow is gone and people are able to get here, it’s just, the gloves are off. So that’s good for you sellers. Buyers not as good and actually it’s not gonna get much better for you, unfortunately. You’ve just gotta have a shrewd realtor.

Hmm… Who do I know? Oh my gosh, that’s me! Call us, okay? If you are a buyer or a seller getting ready to get into this Cape Cod market there are very important things to know. It’s a much bigger deal than, is the market good, is the market bad. There are challenges and then opportunities in every single market. We know how to navigate them.

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Meet Katie

Picture of Katie Clancy, Agent and CEO of The Cape House in Cape Cod MAMother. Singer. Runner. Dog Parent. Realtor. Speaker. Cape Cod Local Expert. When I want the freshest oysters, I don’t go to the fish counter at the grocery store; I go to John, the East Dennis oyster guy. When my husband wants a perfectly tailored suit, we don’t go to the mall; we go to Puritan Clothing in Hyannis. When I want the best chocolate this side of the Alps I don’t go to the candy store, I go to The Hot Chocolate Sparrow in Orleans. A Cape Codder since I was a kid, I can find you the right house, bank, builder, school, auto mechanic, and yes, even the right oyster guy.

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This content is not the product of the National Association of REALTORS®, and may not reflect NAR's viewpoint or position on these topics and NAR does not verify the accuracy of the content.