(as reported February 2005 by Shirley Enders)
The Cape Cod market remained strong throughout 2004. The median price for a single family increased 10.8% and the condo market soared showing 22.8% appreciation 2004 over 2003. Interesting, this appreciation averaged over the year was seen despite the number of units sold in either the single family market (4754 in 2004 versus 4744 in 2003) or the condo market (957 in 2004 versus 901 in 2003) did not increase significantly – far less than other regions of the state. Part of this appreciation may also be explained by the development and/or expansion of luxury condos on the Cape – availability of units that simply did not exist in 2003.
How does one Cape Cod town compare to another? Check out the chart below formulated with data from The Warren Group (chart shows towns in order from Upper to Outer Cape).
With the number of sales remaining steady and more housing inventory becoming available, the market is starting to shift a bit from the frenzied buying of previous years. Buyers that are looking for a home in 2005 are finding they have more to choose from and asking prices are starting to be adjusted a bit as sellers endeavor to be competitive. Sellers are also finding that average days their home’s are on the market is a bit longer. This trend started last fall and, as expected, continued through the slower winter season. Despite the very chilly and snowy winter the Cape is enduring, the Cape Cod pre-spring market has gotten off to a good start as interest rates have adjusted downward once again. It will be interesting to watch the spring market.
