Q2 | 202 1
CA PE COD SOU TH COAST SOU TH SHOR E QUA RTER LY M A R K ET R E PO RT
1
• • • • • •
MID YEAR REVIEW As Cape Cod, the South Coast, and the South Shore enter the second half of 2021 the remarkable performance of the real estate market continues. Since May of 2020 our coastal markets have been in increasingly high demand with buyer activity far outpacing available inventory. This has driven prices to historic levels and has helped sellers to realize significant returns on their real estate investments. A direct reflection of the never ending demand for coastal real estate, this performance reinforces the lesson that so many homeowners have learned over the years: Cape Cod, the South Coast and
the South Shore are great places to invest your real estate dollars. As you will see in the following pages, all of our markets have shown significant growth over the first half of the year. Not only is this a continuation of the trend that began in mid 2020 but it’s also reflective of the 10 year trend which has seen the value of real estate rise by 194% in Southeastern Massachusetts. And with interest rates expected to remain low and with demand showing no signs of slowing, we fully expect markets to perform well right into 2022. Simply put, now is a great time to be investing in coastal real estate.
B A R N S TA B L E C O U N T Y
Kinlin Grover Compass 17.49%
PROPERTIES SOLD BY TRANSACTION
All others 60.49%
Company #2 8.94%
Company #3 6.73%
Company #4 6.35%
Pie charts reflect the area’s leading brokerages’ market share Data Source: CCIAOR MLS 1/1/2021 - 6/30/2021 all transactions in Barnstable County. Run date 8/17/21
2
B A R N S TA B L E
O N S E T V I L L AG E
3221 Route 6A Residential: 508.362.2120 Rentals: 508.362.5731
211 Onset Avenue Residential: 508.295.2000 Rentals: 508.538.9998
BOURNE
ORLEANS
One Trowbridge Road Residential: 508.743.0660 Rentals: 508.743.0844
32 Main Street Residential: 508.255.3001 Rentals: 508.255.2200 Commercial: 508.240.0334
B R E WST E R 1990 Main Street Residential: 508.896.7000 Rentals: 508.896.7004
CENTERVILLE Bayberry Square Unit -1B 1645 Route 28 508.778.4005
C E N T E RVI L L E E AST 1550 Falmouth Road Route 28 508.775.2121
C H AT H A M 856 Main Street Residential: 508.945.1856 Rentals: 508.945.0990
DA RT M O U T H 300 Elm Street Padanaram Village 508.992.6479
FA L M O U T H 56 Scranton Avenue Residential: 508.548.6611 Rentals: 508.540.8881
F A L M O U T H , M A I N S T. 229 Main Street 508.540.9000
HARWICH PORT 476 Route 28 Residential: 508.432.8800 Rentals: 508.432.9300
MASHPEE 681 Falmouth Road, Suite B12 Residential: 508.477.2700 Rentals: 508.419.0092 Commercial: 508.548.4000
N O R T H FA L M O U T H 10 County Road Residential: 508.563.7173 Rentals: 508.356.3800 Commercial: 508.362.2120
OST E RVI L L E 4 Wianno Avenue Residential: 508.420.1130 Rentals: 508.428.3100
P LY M O U T H 45 Court Street Residential: 508.747.0080 Commercial: 508.747.1313 Rentals: 508.833.3337
P ROV I N C E TOW N 374 Commercial Street Residential: 508.487.5411 Rentals: 508.488.9500
THE RIDGE CLUB 70 Country Club Road 508.428.2770
SANDWICH 133 Route 6A Residential: 508.833.3333 Rentals: 508.833.3334
CONTENTS
S O U T H YA R M O U T H 909 Route 28 Residential: 508.775.5200 Rentals: 508.394.0042
2
MAR K ET N OTE
4
CO N CIERGE
WELLFLEET
6
GLOSSARY
2548 Route 6 Residential: 508.349.9800 Rentals: 508.349.9000
8
BAR N STABLE COUNT Y
18
P LY MO UTH & BRISTOL CO UN TIES
TRURO 314 State Hwy, Unit 1 Route 6 Residential: 508.349.2782 Rentals: 508.487.0475
YA R M O U T H P O R T 927 Route 6A 508.362.3000
KINLIN GROVER VA C AT I O N R E N TA L S 1990 Main Street Brewster 800.338.1851
3
LANDSCAPING I M P ROVE M E N TS
S T R AT E G I C S TAG I N G
4
Maximize the value of your home. Compass Concierge helps you sell your home faster and for a higher price. From painting to flooring, Concierge transforms your home with zero upfront costs and no interest. Get started at compass.com/concierge
Rules & Exclusions apply. Compass offers no guarantee or warranty of results. Subject to additional terms and conditions.
U P DAT E D F I N I S H E S
AND MORE...
5
GLOS SARY S I N G L E - F A M I LY A standalone house is a free-standing residential building. It is sometimes referred to as a single-family home, as opposed to a multi-family residential dwelling.
I N V E N TO RY O F H O M E S F O R S A L E Inventory indicates the number of properties marked as “active” on the market, as well as pending sales. When a seller lists a property, it becomes counted as inventory. When it goes under contract, it becomes a pending sale. Inventory is calculated monthly by taking a count of the number of active listings and pending sales on the last day of the month.
MEDIAN SALES PRICE (MSP) The median sales price is the price in the very middle of a data set, with exactly half of the houses sold for less and half sold for more. We refer to the median sold price rather than the average sold price because it is less affected by outliers or properties that skew the perceived values in a particular housing market.
D AY S O N M A R K E T ( D O M ) Days on market is defined as the total number of days a listing is active before an offer is accepted or the listing is pulled off the market.
C LO S E D S A L E S Figures for the current quarter are based on known closings recorded at the time the report is prepared.
Q UA RT E RS Q1 January 1 – March 31 Q2 April 1 – June 30 Q3 July 1 – September 30 Q4 October 1 – December 31
6
7
B A R N S TA B L E C O U N T Y
MID YEAR REVIEW
S I N G L E - F A M I LY M A R K E T A town-by-town analysis of Q2 data for median sale price and number of home sales, shows that these key indicators are up across nearly the entire Cape market area. And not only are median sales prices up significantly, but they also increased by a higher percentage than they did in the first quarter of the year. Every Cape Cod town has seen a double digit increase in median sales price with Barnstable, Chatham, Dennis, Mashpee and Wellfleet leading the way at a greater than 35% increase. A few other trends that stand out are: 1. Active listings have actually increased by 62% in 2021 over 2020. However there is still a strong shortage of listings across Cape Cod. 2. Units sold are up 22% over 2020, an increase due in large part to the fact that many listings are selling off-market, before they become active in MLS. 3. Days on market has fallen for almost all Cape Cod towns by double digit percentages in all cases, with some inventories having dropped by as much as 80%. 4. some Cape Cod towns have seen a slight increase in inventory perhaps indicating that a slow down in the rate of price acceleration might be on the horizon. 5. the sales price to listing price ratio increase. In 2020, listings sold on average for 94.2% of their asking price. In 2021, listings sold for 98.75% of their asking price. This is another indication of strong demand and multiple offers on many houses.
LO O K I N G A H E A D It is important to note that a slowdown in the rate of price appreciation does not equate to a slowing market. Median sales prices are predicted to remain on an upward trend, perhaps just not at the rate of increase that has been seen over the past two quarters. It is also possible that a predicted slowing in price appreciation could simply be seasonal and that once the summer is over, buyers will push prices even further upward.
8
Single-Family Inventory Population
Median Income
Q2 2020 Sales
Q2 2021 Sales
% Change
Q2 2020 MSP
Q2 2021 MSP
% Change
Q2 2020 DOM
Q2 2021 DOM
% Change
Barnstable
44,477
$72,733
186
282
51%
$395,000
$540,000
36.7%
83
34
-59%
Bourne
19,831
$75,534
59
76
28.8%
$385,000
$477,000
23.6%
89
49
-45%
Brewster
9,825
$75,321
81
62
-23%
$420,000
$535,000
27.3%
122
31
-74%
Chatham
5,982
$83,839
69
71
2%
$661,000
$975,000
47%
161
65
-59%
Dennis
13,781
$65,616
109
154
29%
$355,000
$485,000
36.6%
113
22
-80%
Eastham
4,906
$64,325
27
57
111%
$475,000
$624,000
31%
72
43
-40%
Falmouth
30,993
$75,820
142
156
10%
$501,500
$605,000
20.60%
98
49
-50%
Harwich
12,142
$76,822
82
87
6%
$434,000
$575,000
32.4%
98
45
-54%
Mashpee
14,229
$77,019
132
165
25%
$425,000
$588,000
38.3%
124
37
-70%
Orleans
5,788
$73,778
45
61
33%
$695,000
$880,000
26%
146
75
-48%
Provincetown
2,730
$58,313
29
77
165%
$678,000
$775,000
14%
143
89
-37%
Sandwich
20,169
$98,827
97
108
11%
$420,000
$542,000
29%
82
37
-54%
Truro
1,122
$68,367
24
37
54%
$470,250
$540,000
14%
152
241
58%
Wellfleet
3,617
$74,639
25
29
16%
$450,000
$660,000
46%
167
74
-55%
Yarmouth
23,203
$63,432
149
169
13.3%
$345,000
$445,000
28.9%
59
32
-45.7%
Town
Demographic Data: US Census, American Community Survey Program, Estimates for 2019, Kinlin Grover Around Cape Cod, South Coast, South Shore Magazine 2021 Market Data: CCIMLS 4/1/21-6/30/21, Run date: July 2021
9
Barnstable
OUTER CAPE
LOW E R C A P E Kinlin Grover Compass 18.77%
All others 47.19% PROPERTIES SOLD BY TRANSACTION
Company #4 5.36%
MID CAPE All others 60.7%
All others 45.63% PROPERTIES SOLD BY TRANSACTION
Company #2 15.95%
Company #2 17.48%
Company #3 12.73%
Kinlin Grover Compass 17.16%
Kinlin Grover Compass 22.33%
Company #4 6.60%
UPPER CAPE All others 56.93%
Company #3 7.66%
Kinlin Grover Compass 13.28% Company #2 10.4%
Company #2 8.06% PROPERTIES SOLD BY TRANSACTION
Company #3 7.96%
PROPERTIES SOLD BY TRANSACTION
Company #4 6.42%
Company #3 9.82%
Company #4 9.57%
Pie charts reflect the area’s leading brokerages’ market share. CCIAOR MLS 1/1/2021 - 6/30/2021 all transactions in Barnstable County. Run date 8/4/21 Note: Run date is 8/16/21 for Lower Cape report
282
$540,000
C LO S E D S A L E S
MEDIAN SALE PRICE
34
117
C U M U L AT I V E D AY S ON MARKET
I N V E N TO RY O F HOMES FOR SALE 10
Bourne
Brewster
76
$477,000
C LO S E D S A L E S
MEDIAN SALE PRICE
49
41
C U M U L AT I V E D AY S ON MARKET
I N V E N TO RY O F HOMES FOR SALE
62
$535,000
C LO S E D S A L E S
MEDIAN SALE PRICE
31
28
C U M U L AT I V E D AY S ON MARKET
I N V E N TO RY O F HOMES FOR SALE
Chatham
Dennis
71
$975,000
C LO S E D S A L E S
MEDIAN SALE PRICE
65
35
C U M U L AT I V E D AY S ON MARKET
I N V E N TO RY O F HOMES FOR SALE
154
$485,000
C LO S E D S A L E S
MEDIAN SALE PRICE
22
61
C U M U L AT I V E D AY S ON MARKET
I N V E N TO RY O F HOMES FOR SALE 12
Eastham
Falmouth
57
$624,000
C LO S E D S A L E S
MEDIAN SALE PRICE
43
18
C U M U L AT I V E D AY S ON MARKET
I N V E N TO RY O F HOMES FOR SALE
156
$605,000
C LO S E D S A L E S
MEDIAN SALE PRICE
49
74
C U M U L AT I V E D AY S ON MARKET
I N V E N TO RY O F HOMES FOR SALE
Harwich
ashpee
87
$575,000
C LO S E D S A L E S
MEDIAN SALE PRICE
45
39
C U M U L AT I V E D AY S ON MARKET
I N V E N TO RY O F HOMES FOR SALE
165
$588,000
C LO S E D S A L E S
MEDIAN SALE PRICE
37
63
C U M U L AT I V E D AY S ON MARKET
I N V E N TO RY O F HOMES FOR SALE 14
Provincetown Orleans
61
$880,000
C LO S E D S A L E S
MEDIAN SALE PRICE
75
24
C U M U L AT I V E D AY S ON MARKET
I N V E N TO RY O F HOMES FOR SALE
77
$775,000
C LO S E D S A L E S
MEDIAN SALE PRICE
89
30
C U M U L AT I V E D AY S ON MARKET
I N V E N TO RY O F HOMES FOR SALE
Sandwich
Truro
108
$542,000
C LO S E D S A L E S
MEDIAN SALE PRICE
37
59
C U M U L AT I V E D AY S ON MARKET
I N V E N TO RY O F HOMES FOR SALE
37
$540,000
C LO S E D S A L E S
MEDIAN SALE PRICE
241
20
C U M U L AT I V E D AY S ON MARKET
I N V E N TO RY O F HOMES FOR SALE 16
Wellfleet
Yarmouth
29
$660,000
C LO S E D S A L E S
MEDIAN SALE PRICE
74
10
C U M U L AT I V E D AY S ON MARKET
I N V E N TO RY O F HOMES FOR SALE
169
$445,000
C LO S E D S A L E S
MEDIAN SALE PRICE
32
73
C U M U L AT I V E D AY S ON MARKET
I N V E N TO RY O F HOMES FOR SALE
P LY M O U T H & B R I S T O L C O U N T I E S
MID YEAR REVIEW MID YEAR REVIEW 2021 has been one of the strongest years in the history of real estate on the South Shore and South Coast. Although the two areas remain very different from each other, both have become alternatives for buyers looking for a coastal lifestyle with the convenience of living within an hour’s drive of major city amenities. As a result, it is expected that prices on the South Shore and South Coast will continue to rise as demand for this special part of coastal New England continues to grow.
S I N G L E F A M I LY M A R K E T All towns across the South Shore and the South Coast have seen strong increases in their median sales price and almost every town has seen the average days on market decrease significantly. With the average home value up 22% over the same period last year, buyers in both markets continue to engage in multiple offer bidding situations and, even with this dramatic increase, values continue to be supported by bank appraisers and mortgage companies. This indicates that there is continued faith in the growth of an already robust real estate marketplace.
L O O K I N G F O R WA R D Given the idyllic location of the South Shore and the South Coast, and given their ability to allow for both a vacation and a year round lifestyle, these areas are expected to continue to flourish. And with attractive pricing in comparison to major metro areas buyer activity should remain strong well into 2022. As a result, South Shore and South Coast real estate should remain a very strong investment well into the future.
18
Single-Family Inventory
Population
Median Income
Q2 2020 Sales
Q2 2021 Sales
% Change
Q2 2020 MSP
Q2 2021 MSP
% Change
Q2 2020 DOM
Q2 2021 DOM
% Change
11,777
$70,959
35
59
68.57%
$385,000
$425,000
10.39%
21
20
-4.76%
Dartmouth
34,307
$84,220
109
121
11.01%
$380,000
$435,000
14.47%
51
22
-56.86%
Duxbury
15,946
$138,707
85
83
-2%
$730,000
$910,860
24.78%
33
18
-45.95%
Kingston
12,629
$90,754
81
64
-14.81%
$415,000
$580,000
39.76%
28
19
-32.19%
Marion
4,907
$81,928
33
43
30.3%
$490,000
$615,000
25.51%
93
22
-76.34%
Marshfield
25,967
$57,652
108
98
-9.26%
$473,000
$620,750
31.06%
33
19
-42.42%
Mattapoisett
6,379
$94,360
31
43
38.7%
$512,800
$614,900
19.91%
61
28
-54.10%
Plymouth
61,528
$62,843
374
344
-8%
$431,250
$494,250
14.61%
46
20
-56.52%
Rochester
5,628
$103,420
29
21
27.59%
$480,000
$598,315
24.65%
30
35
16.67%
Wareham
22,666
$65,825
145
177
27.07%
$296,000
$360,000
21.62%
28
20
-28.57%
Town
Carver
Demographic Data: US Census, American Community Survey Program, Estimates for 2019, Kinlin Grover Around Cape Cod, South Coast, South Shore Magazine 2021 Market Data: MLS PIN 4/1/21-6/30/21 Run Date: July 2021
19
Dartmouth
Duxbury
121
$435,000
C LO S E D S A L E S
MEDIAN SALE PRICE
22
31
C U M U L AT I V E D AY S ON MARKET
I N V E N TO RY O F HOMES FOR SALE
83
$910,860
C LO S E D S A L E S
MEDIAN SALE PRICE
18
20
C U M U L AT I V E D AY S ON MARKET
I N V E N TO RY O F HOMES FOR SALE 20
Kingston
Marion
64
$580,000
C LO S E D S A L E S
MEDIAN SALE PRICE
19
11
C U M U L AT I V E D AY S ON MARKET
I N V E N TO RY O F HOMES FOR SALE
43
615,000
C LO S E D S A L E S
MEDIAN SALE PRICE
22
10
C U M U L AT I V E D AY S ON MARKET
I N V E N TO RY O F HOMES FOR SALE
Mattapoisett
Plymouth
43
$614,900
C LO S E D S A L E S
MEDIAN SALE PRICE
77
10
C U M U L AT I V E D AY S ON MARKET
I N V E N TO RY O F HOMES FOR SALE
344
$494,250
C LO S E D S A L E S
MEDIAN SALE PRICE
20
59
C U M U L AT I V E D AY S ON MARKET
I N V E N TO RY O F HOMES FOR SALE 22
Rochester
Wareham
21
$598,315
C LO S E D S A L E S
MEDIAN SALE PRICE
35
4
C U M U L AT I V E D AY S ON MARKET
I N V E N TO RY O F HOMES FOR SALE
177
$360,000
C LO S E D S A L E S
MEDIAN SALE PRICE
20
25
C U M U L AT I V E D AY S ON MARKET
I N V E N TO RY O F HOMES FOR SALE
KINLINGROVER.COM CAPE COD | SOUTH COAST | SOUTH SHORE
Kinlin Grover Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.
24