Cape Cod Market Update (February 2020)
The Cape House Show: Episode 81
Okay, it’s time for the monthly DY Market Report. And we’re gonna start in Dennis and we’ll move over to Yarmouth. But we’re starting on this page right now because this is where the big news is, actually this is the past 12 months, ending this in January, 2020. Look, who’s in the driver’s seat. Still sellers are really, really the boss of what’s going on right now.
Down here we have some changes favoring buyers, but I’m gonna tell you this average list price one is kinda junk. We had an historic, high priced sale in Dennis $19 million last year to kind of throwing those numbers off a little bit. So this is, this is garbage, days on market did go up a little bit okay. Everything else is in the favor of the sellers but let’s just look at the trends, so you can see sort of where things are headed. So in general, Median Sale Price is up, inventory is down. This is just sort of a graphic representation of what you just saw. And all of this by the way, is available at raveis.com this isn’t special from me. You can go see it to, let’s see we’ve got our changes and price range reports I’d like to look at.
These are interesting to see, you can see what has sold and I’m gonna get my little face out of the way here for a minute. What’s really hot in Dennis for price range? So we’ve gone up in the 350 to 450 range in both of them. Really went up a lot in the four to 450, which is interesting cause that used to be a little bit of a quiet range. What’s blowing my mind is the 700 are hot soup. Really, really, active there. The sixes are also very active, but we had a big jump in the 700s and we can, I can vote for that. We just had a few things go into contract ourselves in that 700 range.
Alright, let’s do a little comparison. See what’s going on. Dennis versus Yarmouth. So market time, kind of all over the map. And you know, we’re pretty consistent. The differences between Dennis and Yarmouth. Median sale price, they sort of mirror each other just a little bit apart from one another. So what does that tell you? Tells you the same house that you’re looking for in Dennis is gonna be a lot cheaper in Yarmouth. So Dennis in Yarmouth are both amazing towns. There are pros and cons to both of them. They both in the same school district, so you can’t lose there. But in Denis, the taxes, tax rate is a little lower, but I will say the Dennis tax assessed values went up. So we have to do the math on that and see what the difference really is.
But price-wise, there are still bargains to be had in Yarmouth. Let’s take a look in Yarmouth at our, changes favoring, give me a second here. Let’s change her. Okay, so it’s a little bit of more of a balanced situation in Yarmouth because, we’ve got a few stats down here and these are more legit. This is good, this is a good balanced, database of information. So we’re a little bit, still more set of – still more in favor of sellers, but buyers have a little bit more leverage in Yarmouth, I’m gonna say, in any case, interest rates are still low. Thank you Coronavirus, it’s not great thing. Usually when there’s bad news out there in the world, it keeps interest rates down. But, keep an eye on the news, watch what’s going on with trade, between us and China, the Coronavirus stuff will go, it will pass and watch what happens to interest rates and we really thought they’d be going up at this point and they didn’t. So I would keep an eye on that.
The last piece I’m gonna show you is the heat index for price range. What you can see here is of course, anything under 200 is gonna go like hotcakes. So we had some under 200 sales in Yarmouth. This is Dennis, this is Yarmouth. And what I can tell you for sure I’m gonna get my face out of the way here, is that we really in Dennis could really use some properties in the three to 350 range. That three to 350 range is where the planet is shopping in Denis and Yarmouth, we cannot even begin to keep up with the demand there. People will pay a lot. They’re not gonna pay. There is a limit to what people will pay, but the competition is so tough. So the buyers are willing to do lots of things like forego home inspections. I don’t recommend it, but people are throwing like the kitchen sink at these houses to see if they can get them because it is a price point that lots of people can afford and there’s just nothing out there. So if you are thinking about putting a house on the market that you think is probably three to 350, we’re talking like a three bedroom two bath ranch, just a nice garden variety house. That’s what everybody’s looking for right now. If you’re thinking about putting it on the market, I don’t even care if you put her on with another agent, but put it on because we will bring buyers. All right, so there is the report for today, for this month for Dennis in Yarmouth. There’s a lot more to know about it. But the punchline is sellers are in charge. We’re looking for listings between three and 350 buyers. If you want to get into this market, you need to come armed and ready with a preapproval letter from a reputable lender and just like you big up hands-on because like it is about to get real dirty out there. I’m real competitive for buyers as we go into the spring market.
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Mother. 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.