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The weather on Cape Cod has been almost summer like with temperature at times feeling as if it was July. Last week was spring vacation for many of the schools in the northeast and if you had gone to the beach, it would have resembled the middle of the summer. Lets hope the great weather continues for the remainder of the summer season.
As we had predicted in our year end Real Estate update on Cape Cod Real Estate predictions for 2012, it's shaping up as a very strong Real Estate year on Cape Cod with sales up substantially from last year. When you take some of the lowest interest rates along with a strong base of buyers with a desire to own a vacation, second home or future retirement home on Cape Cod you have a " perfect storm " for a very active Real Estate market on Cape Cod.
Property values on the Cape have stabilized and in some cases are seeing small increases in value. We are seeing the inventory tighten up and the base of buyers expanding. It's currently a market that still offers selection and good values for buyers. Todays buyer of Cape Cod property not only purchases a property for a sound financial investment, but also for the personal usage factor which is impossible to set a financial value on.
Our Team is looking forward to assisting you with any of your Cape Cod Real Estate needs.
Brian Pothier & Roger Cross Realtors
www.BrianPothier.com
Cape Cod, Massachusetts, USA |
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Market Overview Cape Cod
General Market Overview
Over and over the message was repeated, " Now is the time to buy" Buyers on Cape Cod are now out there. Reports indicate that the pace of sales of Real Estate nationally are up including Cape Cod. First quarter numbers truly verify a robust start to 2012. Sales are up 17% for the first three months with 801 residential sales compared to 682 for 2011 and 680 for 2010. It is also noteworthy that active inventory is down 2.7% from 2011 and additional positive sign of market recovery is the number of pending sales at 933 compared to 665 in 2011 - a significant 40% increase
The Residential Market
Single family and condos - in 2012, 801 properties were sold with an average price of $410,400. In 2011, 682 properties were sold with an average sale price of $405,000. This indicates the number of sales were 17% higher and the average sale price is 1% higher. Our company has experienced a 56.8% increase in sales for the first three months of 2012 compared to 2011 along with our average sale price increasing 5.4%.
Residential Properties 2011 2012
Sales 682 801
Average Price $405,000. $410,400.
Days On Market 258 218
Active Listings 3933 3825
The High-End Market
Residential Sales over $1M- Year to date 2012, 43 properties were sold , 38 properties were sold in 2011 for the same time period showing a 13% increase over 2011. The average sales price of $1,819,000. shows an increase of 10% for the same time period in 2011. Brewster, Chatham, Eastham, Harwich and Orleans have all been very active in the high end of the market in the first quarter, with many sales being recorded well over the million dollar level. Of note in Orleans is a property on Pleasant bay that is under contract with a list price of over $6.300,000 million dollars, it's been some time since Orleans has had a sale in that range. All indicators point to an improving upward market.
High End Residential 2011 2012
Sales 38 43
Average Price $1,648,600. $1,819,000.
Days On Market 533 338
Active Listings 620 585
Remember all real estate is local - Cape Cod is internationally famous as a summer resort area and is increasingly popular for retirement living. It has miles of beaches, natural attractions, historic sites, art galleries, and four star restaurants and hotels. It also offers great outdoor activities such as world class boating, coastal and deep sea fishing, numerous public and private golf courses, and a wide variety of other summer sports. The Cape is also located less than 100 miles from Logan Airport in Boston, or T.F. Green Airport in Providence, Rhode Island.
When purchasing real estate, the old standard rule applies - LOCATION-LOCATION-LOCATION
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Barron's Calls For A Bottom In Housing
|March 18, 2012|
(Barron's)
Barron's is boldly calling for a bottom in U.S. home prices in the cover story of this week's print edition.
Jonathan Laing writes:
Yet as grim as these year-end readings appear to be, there are signs that the long nightmare for American homeowners is in its terminal stage, and that, maybe, just maybe, home prices will bottom and begin to turn by the spring of 2013-if not before.
Laing's article cites numerous economists and points to many metrics that seem to signal an imminent bottom.
Of course, he also offers some warnings.
The biggest impediment to a turn in the home market remains the so-called shadow inventory of some 3.671 million homes, according to estimates by Mark Zandi of Moody's Analytics: those that remain somewhere in the foreclosure pipeline. Payments on some are 90-plus days delinquent; others are already lender-owned properties, known as REOs (real estate owned), that haven't yet been listed for sale.
Laing reminds us that Barron's has been prescient in calling inflection points in the housing market:
This confidence index, Shiller notes, topped out almost seven years ago, in the very month that he boldly predicted in a Barron's article that the U.S. home market was on the verge of a monumental collapse that would see prices fall an inflation-adjusted 50% ("The Bubble's New Home," June 20, 2005).
"It's amazing how on target that prediction was, since nationally the market is already down 40% in real terms," Shiller said in a recent telephone interview.
Yet as grim as these year-end readings appear to be, there are signs that the long nightmare for American homeowners is in its terminal stage, and that, maybe, just maybe, home prices will bottom and begin to turn by the spring of 2013-if not before.
Anyways, time will tell if Laing is right this time |
Mortgage rates still at all time lows!
Headline says it all - mortgages are at some of their lowest rates since most organizations started recording them. For example, says Bankrate, the 30-year fixed-rate mortgage fell to 3.75 percent, "the lowest rate level the fixed rate has reached since Bankrate started the weekly mortgage survey 26 years ago."
Mortgage rates tumble back into record territory
CNN Money -- Mortgage rates fell this week, with the 15-year fixed rate hitting yet another record low, amid news of weak job growth during the month of March.
Borrowers seeking 15-year mortgages,a popular choice for those looking to refinance, were rewarded with an average interest rate of just 3.11% this week, down from last week's 3.21% and more than one percentage point lower than a year earlier, according to Freddie Mac (FMCC, Fortune 500)'s weekly mortgage rate survey.
The rate on 30-year fixed mortgage also fell, to 3.88% from 3.98% the week before, just short of its own record low of 3.87%, set back in February.
The declines were a reversal from a few weeks ago when it appeared as if interest rates would start to creep up. Frank Nothaft, Freddie's chief economist, attributed the drop to concerns over the economy brought on by a weak jobs report for the month of March that was released last week. |
Roger Cross Joins Brian Pothier Team
April 4, 2012
ORLEANS - Introducing Roger Cross, the newest addition to the team. Following a management career in corporate sales and marketing with several national corporations Roger has over twenty years of listing and selling homes in the Orleans, Brewster, Eastham and Chatham areas of Cape Cod.
According to Brian Pothier It's a " win win " our team gets another top Orleans well seasoned top producing agent and Roger gets the support of our team. Along with the support and financial strength of the largest Real Estate firm on Cape Cod. Kinlin Grover has more than 275 agents and staff and, according to a Real Trends publication, ranks as the 129th largest residential real estate firm in the United States and is the number one company on Cape Cod.
"We continue to experience strong sales growth in the Nauset-area communities," Roger Cross brings a new strength to our team along with our 32 & 55 Main Street office locations on both sides of Route 6A Orleans, we offer the strongest presence in the Orleans lower Cape marketplace .
Roger can be reached at 508.255.1728 extension 105, e mail: rcross@kinlingrover.com
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Fun Things To Do On Cape Cod
Little Cliff and Big Cliff Pond Hiking Trails
Directions: Route 6A Brewster, enter Nickerson State Park, after entry take your first left, go all the way to end, ample parking.
Trail Statistics & Information
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Activity Type: |
Hiking | |
Nearby City: |
Brewster | |
Length: |
3.9 total miles | |
Elevation Gain: |
Minimal | |
Trail Type: |
Loop | |
Skill Level: |
Moderate | |
Duration: |
2-3 hours | |
Season: |
Year-round | |
Other Uses: |
Dogs | |
Local Contacts: |
Nickerson State Park | |
Local Maps: |
USGS Orleans |
Nickerson State Park is one of the Cape's gems, providing year-round public access to about 1,900 acres of open space. More than 400 seasonal campsites beckon, along with trails for walking, bicycling, horseback riding, and even cross-country skiing. Several large kettle ponds offer opportunities for swimming, hiking, non-motorized boating, and fishing. This scenic hiking loop circles most of Little Cliff Pond and then explores the forested shoreline of much larger Cliff Pond. If water levels are high, you sometimes have to find the upper trails. It's a great hike and if warn enough big Cliff pond is one of the best swims to be had on the lower Cape.
Cliff pond stats-This 204-acre natural kettlehole pond has a maximum depth of 88 feet and an average depth of 28 feet. Transparency is exceptional, extending to 23 feet, and aquatic vegetation is scant. The shoreline is protected and undeveloped
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Mortgage Rates
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Effective
April 19, 2012
loan to $417,000.
30 year fixed 3.85%
15 year fixed 3.09%
loans $417,000 to $1,500,000.
30 year fixed 4.20%
15 year fixed 3.42%
Adjustable up to $1,500,000
5/1 2.94%
7/1 3.46%
If you are shopping around for the best mortgage rates you could not have picked a better time. We are seeing the lowest rates ever!
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Kinlin Grover Real Estate, 55 Main Street, Orleans, MA 02653
Put our decades of listing and selling premier Cape Cod property to work for you.
Thinking of buying or selling Cape Cod property, act now and save $500.00 with this coupon. This coupon is also transferable to friends and family. Act now ! Present this coupon at time of first meeting. Credit will apply at time of property closing | | Offer Expires: June 30, 2012 |
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