2021 Q1 Market Overview

In Barnstable County, 15% of the homes sold during the first quarter of 2021 were priced over $1,000,000. This is up from last year by 7%. The luxurymarket continues to be a commodity in the suburban and resort areas locally and nationally. The South Coast and South Shore markets, predominately primary residence communities, have seen a similar downward trend of inventory and new properties coming to the market. The South Coast’s active listings are currently down 62% and the South Shore is off slightly more at a 67% decrease for the first quarter. Both markets have seen a decrease in the number of homes sold during the first quarter compared to the same time last year. With the increase of demand and limited inventory, both areas are seeing the median sales price strengthen and a real need for inventory. The Greater Boston region has experienced a sharp increase in the number of homes sold, up 20% YOY. While the suburban markets are facing severe inventory challenges, the city is seeing an increase in new listings coming to the market. The increase of inventory is keeping the median sales price stable in the Boston Proper market, while other areas such as Cambridge and Somerville seem to be cooling with the median price dropping by 27% and 7% respectively. This is a similar trend that urban areas are seeing nationally. The “less is more” trend for the last several years has shifted in 2020 and looks like it is here to stay among home buying consumers. Almost overnight home offices, green space, and additional square footage became a must have. Many consumers reevaluated their top priorities and question whether their current homes met their lifestyle needs. This trend and the “new normal” we are living in continues to bring a surge of new home buyers to all markets.