November 17, 2021
Real Estate

The Cape and Islands housing market: Overpriced, undervalued, or overdue?

Those lightning-fast price hikes are the result of two clashing realities: The pandemic spurred and enabled a widespread desire to live and work from somewhere beautiful, like the Cape and Islands. But the dearth of homes for sale there couldn’t accommodate the surge in home buyers.

“You could count the number of homes available in certain towns and villages on one hand for a while,” said Greg Kiely, managing broker at Sotheby’s International Realty in Osterville. “When you think about a normal year on Cape Cod, there should be between 2,000 and 3,000 homes available at any given time. We got down below 500.”

Typical for July and August, the Cape and Islands market has calmed somewhat as house hunters take a break to enjoy their summer. Agents are seeing fewer offers per property now, said Ryan Castle, chief executive of the Cape Cod & Islands Association of Realtors….

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