Dear Cape Friends,
If you're new here, welcome. If you've been along for the ride, welcome back.
Every year around this time, I convince myself that I'm going to make a few healthy lifestyle changes for the summer.
This year, I decided I was going to give up sugar.
It was a bold plan. It lasted exactly four days. On Day 4, I somehow found myself standing at the counter of Short ‘n’ Sweet Ice Cream in South Chatham where I was essentially forced to order four large scoops of peach ice cream. In commercial terms at Stop & Shop, that’s about three-quarters of a gallon.🍦
In my defense - and aside from my wife literally calling me a “savage”- I hadn't had any sugar in four days and was beginning to feel faint. Certain medical professionals may disagree with my diagnosis, but at the time it seemed entirely reasonable.
The Cape Is Officially Open for Business
So much for that plan. Much like my sugar fast, some things are simply inevitable on Cape Cod.
June arrives.
The traffic returns. Boats splash. Lawn mowers hum. And the Cape Cod real estate market shifts into its highest gear.
Whether the weather cooperates or not -and unlike the Strait of Hormuz – Cape Cod is officially OPEN for business!
LFG
The Market Has Plenty Of Fuel in the Tank
While today's market may not have the frenzy of 2021, the fundamentals remain remarkably strong. Buyers are active, inventory is improving, and well-priced homes continue to attract significant interest. 📈
One statistic that caught my attention recently: the median single-family home price across Cape Cod now sits at roughly $830,000, up from about $800,000 a year ago. That's a pretty healthy jump for a market that many people mistakenly assume has cooled off. Here on the elbow, I'm still seeing the same thing firsthand: Buyers may be taking a little longer to make decisions, but when the right property comes along, they're willing to step up.
That's a pretty good sign heading into what is traditionally the busiest stretch of the Cape Cod real estate calendar.
This is also the time of year when many sellers finally decide to make their move. Lawns are green. Boats are in the driveway. Restaurants are buzzing. The Cape is showing off exactly the way buyers hope it will when they begin dreaming about owning a home here.
Curious about the numbers? The Cape Cod & Islands Association of REALTORS® publishes detailed monthly market reports here: CCIAOR Market Reports.
If you've been considering selling, the next few months are traditionally the strongest stretch of the year.
If you're a Buyer, be prepared. Inventory has improved from the extreme shortages of the past several years, but desirable properties in desirable locations still command attention.
One piece of advice for Buyers: don't fall in love with a house after it's gone under agreement.
Do your homework. Ask questions. Sleep on it if you must. But if a property checks the boxes and feels right, don't overanalyze it to death. Summer on Cape Cod is not the season for endless deliberation.
If you see something you like, get after it - or risk watching somebody else move on it - like a striper slamming a sand eel on the east side of the Monomoy Rips - while you're still putting together your due diligence questions.
After a long winter and a chilly spring, the season is finally here.
The starting gun has fired. And hopefully I'll make it at least five days before my next ice cream relapse.
(If you're around Friday morning, I'll be holding court at Chatham Perk from 8:00–9:00 AM. As always, the coffee is on me. Feel free to stop by and say hello.)
See you around the elbow (and hopefully Friday morning),
Paul
P.S. If you're thinking about buying, selling, or simply keeping tabs on the market here on the elbow -or if you know someone who is- PaulBorde.com is a great place to start. You'll find listings, market updates, past newsletters, and enough reading material to get you through at least one rainy Cape Cod weekend. A few of the articles came dangerously close to Pulitzer Prize consideration. 😀