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COVID-19 | Mar 22-28 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 with a link also to 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:
– 2 Trillion Economy Relief Package
– 15 Day Period Ends Monday, March 30th
– April 12th (Easter for broader loosening of restrictions)
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 March 15th through March 21st:
27 New Listings
29 Listings Went Under Contract
27 Listings Sold
and…
From March 22nd through March 28th:
24 New Listings (An 11% Decrease week over week)
14 Listings Went Under Contract (52% Decrease)
16 Listings Sold (41% Decrease)
According to CCIMLS, the market place for Cape Cod’s residential real estate here’s what happened over the last several weeks:
From March 15th through March 21st:
115 New Listings
68 Listings Went Under Contract
72 Listings Sold
From March 22nd through March 28th:
68 New Listings (A 41% Decrease week over week)
50 Listings Went Under Contract (57% Decrease)
69 Listings Sold (4% 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.
