The Dennis Stroll is going on today, a wonderful day sponsored by Northside businesses, and a steady rain has moved in. While it’s been seasonably cold of late, it’s milder now and subject to the weather off the water. The recent blue skies have welcomed friends and family to our home, and strolls on the winter beach have been bracing yet fun. The “why” of a place is as important as any “how,” and why we live on Cape Cod is different and precious to each person, especially to those who experience all four seasons here in succession. So although Maine claimed the moniker, Cape Cod can constitute “vacationland” 365 days if you remember to watch the sunset in Welfleet as you pick your child up from yoga, or eat your lunch in your truck at Corporation beach between jobs as a builder friend does. I imagine wherever one lives, be it San Diego or Paris or anyplace considered by others to be a vacation spot you have to be a tourist in your own town every day to keep the magic going.
So who is coming to Cape Cod, and how much are they paying to do it? Once again my pseudoscientific observations show these characteristics of sales for the past 14 days in Barnstable county: there were 142 sales of single family homes. Of these, 90 were under $400,000. OK, that included 2 mobile homes. A whopping 23 of the 142 sold at asking price or above ( 11) , as much as 150% above asking. Remember that this is measured from the last asking price, not the original price. One of these, selling at 104.35% of asking price, was a cash transaction for $2,400,000 and 10 days on the market. A second transaction, in Orleans, was a cash deal for $ 3,850,000 after only 49 days on the market. In fact, purchases from that high to $885k, $825k, $746k and $770k were all cash in the past two weeks alone. I had two multi-million dollar cash sales lately. Since I make my money as a Realtor and not a statistician I can only guess that folks with wealth are tired of seeing it drained away by weak or unstable markets and are putting it into real estate, and second homes at that.
The number of homesellers entering the market has slowed a bit this month, which is understandable. You want to put your tree up and not hold an open house. But get ready for January to be a great time for all parties as inventory will enter the market and rates remain incredible low, in case you aren’t paying $3.8m in cash.
Warmth and comfort at this time to all of you and yours, and many thanks to all of you who have stayed along for 100 posts.
Lisa Morales, Realtor, Accredited Staging Professional 508-221-2286