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COVID-19 | April 12 – 18 2020 | Special Real Estate Market Report | Boston & Cape Cod
Our first concern is that you keep safe by staying updated on best practices by visiting Mass.gov – Featured Services and CDC.gov to monitor the whole country.
Our second concern is to keep you updated on the effect of the COVID-19 pandemic on the real estate market.It’s important to recognize that prior to this report certain events occurred:
– 6.6 million new unemployment claims
– Nearly 10 million new unemployment claims in 2 weeks
– 701,000 jobs lost in March
According to MLSPIN, the market place for Boston’s residential real estate here’s what’s happened in the downtown market over the last several weeks:
From April 5 through 11th:
32 New Listings
16 Listings Went Under Contract
22 Listings Sold
From April 12 through 18th:
19 New Listings (41% decrease week over week)
21 Pending Listings (31% increase)
21 Sold Listings, (5% decrease)
According to CCIMLS, the market place for Cape Cod’s residential real estate here’s what happened over the last several weeks:
From April 5 through 11th:
58 New Listings
48 Listings Went Under Contract
49 Listings Sold
From April 12 through 18th:
49 New Listings, (16% decrease week over week)
34 Pending Listings, (29% decrease)
38 Sold Listings, (22% decrease)
For Sellers
Seller market – there is still limited inventory & buyers will be driven by need and low-interest rates.
Seller Tips: 1. clean inside/outside 2. Complete D.I.Y (do-it-yourself) projects and/or invite/schedule contractors to price out major deferred upgrades so you have the estimates ready for the negotiation stage.
For Buyers
Buyer market – there will still be many “have-to-sell” sellers because of the resulting negative economic circumstances and you can take advantage of historically low rates that should remain to boost the economy.
Buyer Tips: 1. Secure your financing commitment (do your math) 2. Get set up online from with a direct feed of properties from the main origination source M.L.S. (Multiple Listing Service).
Again, our #1 priority is to be a resource for up to date real information on how to protect yourself and your family and please do so by staying up to date by visiting Mass.gov and CDC.gov.
We will continue to keep you updated on the real estate market.