Is NOW the Right Time to Buy in Chatham, MA??
Posted by Lori Jurkowski, Realtor, 02633
Tue Jan 22, 2013
Is now the right time to BUY a home in Chatham? The answer is YES, and here's why! Homes are selling again in Chatham, and the median sale price is on the rise. According to statistics from the Cape & Islands MLS and Banker & Tradesman, here is a summary of December sales.
In 2012, there were 27 single family homes (SFH) sold at a median price of $926,152 with 12 SFH sold over $1M. In 2011, 23 SFH sold at the median sale price of $646,250, with 7 of these over $1M dollars.
As of 1/20/13 there have been 7 SFH sold thus far, with another 29 under contract. There are 166 ACTIVE listings for SFH currently in Chatham. This is down significantly from 2011, when at times we saw 225 or more! Bottom line, there is less supply, more demand, and prices are rising. More listings WILL be coming on the market in the next couple of months as we get closer to Spring, the smart Sellers will list their in the next few weeks to get a jump on the market. I am now seeing sales with multiple offers and bidding wars! It is starting to turn into a Seller's Market, but there is still time to get a great deal!
Make sure you are in touch with a local Chatham Realtor who knows exactly what you are looking for. If you will have a mortgage, get pre-qualified so that you are ready to act when the right house hits the market. Trulia is a great resource, but a good Realtor probably also knows of listings that are not yet on the market, giving you an advantage. Meanwhile good luck in your home search!