Cape Cod Real Estate Market Report 2021 Q3

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Created by Bill Silver

Q3 2021 Report For Cape Cod Real Estate

Is It OVER? Maybe!

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2 Q3 2021 Cape Cod Market Results

Single Family Homes | In Barnstable County | Listed on CC&I MLS

COVID Surge Softens ?

Bill Silver

Cape Cod ARE

MLS Map of Q3 Sold Properties

Map

Cape Cod Associates

Harwich Port, MA 508-432-8600

Q3 2021 Cape Cod Market Results

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Hi! I’m Bill Silver. I’m a realtor with Cape Cod Associates Real Estate in lovely downtown Harwich Port. The data for this report is for: Single Family Homes – in Barnstable County – listed on Cape Cod and Islands MLS.

Since COVID hit last year the Cape Cod Real Estate Market set an astounding number of new records every quarter. But, not so much in Q3. Does this mean our market has peaked? I can definitively say MAYBE! Let’s see the results.

Cape Cod Associates

Harwich Port, MA 508-432-8600

Median Sold Price – Q3 2021

Q/Q: Q2 - 21

Y/Y: Q3 - 20

$ 610 K

$ 619 K

$ 530 K

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First “DOWN” result since Q1 2020

Median Sold Price – Q3 2021

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The median sold price in Q3 was $610 thousand dollars. This is NOT a new record high. In fact, Quarter-to-Quarter, the median sold price was DOWN 1.5% from the $619K in Q2. This MAY be the first sign of a new down market.

Year-to-Year, the median sold price was UP 15% from the $530K in Q3 last year. The only significant new record for Q3 was Price per Square Foot. It’s $396K exceeded the previous record high of $383K set last quarter.

Cape Cod Associates

Harwich Port, MA 508-432-8600

Median Sold Price History

Cape Cod Associates

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2018 2019 2020 2021 Q4

$600 K -

$619

$610

$590

$564

$500 K -

$530

$455

$400 K -

$439

$438

$435

$430

$425

$415

$405

$300 K -

$200 K -

$100 K -

22 Quart - ers

5 %

1 %

Q / Q

-4 %

5 %

1 %

-5 %

-.7 %

4.6 %

4.9 %

17 %

-1.5 %

-.1 %

1 %

6 %

2 %

5 %

2 %

Y / Y

8 %

6 %

8 %

3 %

5 %

35.6 %

36 %

21 %

15 %

1 %

4 %

29 %

Median Sold Price History

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Here are the quarterly median sold prices for the last 4 years. The Q3 Quarter-to-Quarter decrease in median sold price is the first decrease since Q1 2020.

Even with the Q3 downturn in price, since the onset of COVID in Q1 2020 the median sold price has gone up 40%. Year-to-Year, the median sold price did increased again. This is now 22 quarters in a row.

Cape Cod Associates

Harwich Port, MA 508-432-8600

# Sales – Q 3 2021

Q/Q: Q2 - 21

Y/Y: Q3 - 20

1,064

1,666

1,161

# Sales – Q3 2021

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The number of single-family homes sold in Barnstable County in Q3 was 1,161. Quarter - to - Quarter, Q3 Sales were UP 9.1% from the 1,064 sales in Q2.

But Year - to - Year, sales were Down 30% from the 1,666 sales in Q3 last year.

Cape Cod Associates

Harwich Port, MA 508-432-8600

# Sold History

Cape Cod Associates

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q2 2018 2019 2020 2021 4

1,800 -

1,600 -

1,666

1,524

1,400 -

1,200 -

1,210

1,175

1,161

1,084

1,000 -

1,074 1,073

1,064

912

800 -

856

775

729

705

600 -

#4 -- 2,964

#3 -- 3,013

#1 -- 4,128

#2 -- 3,081

400 -

Q / Q

-33 %

67 %

-8 %

-33 %

66 %

-0 %

-28 %

18 %

-8.5 %

-44 %

24 %

83 %

-11 %

9 %

3 % 0 %

Y / Y

-12 %

-4 %

-2 %

3 %

-1 %

6 %

-25 %

42 %

11 %

17 %

55 %

-1 %

-30 %

# Sold History

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Here are the number of sales for each quarter over the last 4 years. Since the arrival of COVID prices have gone way UP and Days on Market have gone way Down, but number of sales & inventory haven’t changed much. Looking at the first 3 quarters of these 4 years, the year with the highest number of sales was 2020. Next was 2021, third was 2019, and fourth was 2018.

For these sales to happen, sellers had to put their homes on the market. So, overall, yearly inventory was actually UP since COVID. But, because the Days on Market was so low, the day-to-day inventory seemed very low because so many listings were quickly taken off the self.

Cape Cod Associates

Harwich Port, MA 508-432-8600

Median Days On Market

Cape Cod Associates RE

124

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2018 2019 2020 2021 Q4

60 -

50 -

40 -

30 -

20 -

DOM = Under Contract Date – Listing Date

10 -

8 14%

Q / Q

-46 %

19 %

-11 %

86 %

12 %

28 %

263 %

-65 %

24 %

-39 %

58 %

13 %

Median Days On Market

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Here are the quarterly median Days on Market data for the last 4 years. This Days on Market data was not taken from the MLS DOM field. It was calculated from these two MLS fields: Under Contract Date – Listing Date Going back to 2018 and 2019 the Days on Market results showed an overall consistent pattern of increase.

But in 2020 COVID radically changed that pattern into one of rapid decrease. In this Q3, the median Days on Market was UP a little. It was up a little in Q1 too, but that didn’t start a new trend. Maybe this little UP combined with the decrease in prices does signal the beginning of the end of the COVID era. MAYBE!

Cape Cod Associates

Harwich Port, MA 508-432-8600

Q3 2021

Cape Cod Market Report

That’s my Market Report for Q3 2021 . Thanks for watching.

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Bill Silver Cape Cod

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