Massachusetts single family homes sales this February topped statistical volume for the first time since 2007, according to the Warren Group. 2,350 homes sold represents a 33% increase over 2011. On Cape Cod, much of the increase in sales is driven by investors’ purchases and second-home buyers. Low interest rates are fueling interest in affordable properties.
Nationally, sales of investment homes have risen to match levels not seen since 2005. A survey by the National Association of REALTORS® (NAR) reports a 64.5% surge in investment-home sales from 2010 to 2011 while vacation-home sales rose 7% during the same period. Together, the two categories represented approximately 38% of nationwide sales in 2011.
If you’ve been on the fence about real estate on the Cape, now is a great time to seriously consider entering the market or trading up. Contact your Steele Associates Real Estate agent today for a personal consultation on local market conditions.