Can you guess which neighborhood has had the most home sales so far this year? We'll give you a minute.
Ready for the answer? It's East Falmouth - and by a wide margin! More than twice as many homes were sold in East Falmouth than in any other neighborhood in town. Not what you were expecting, was it?
When we broke down the numbers provided by Cape Cod & Islands MLS, we started to figure out why. Unlike some neighborhoods in town and across the Upper Cape, East Falmouth has a diverse mix of housing, with ample homes under $250,000 price range as well as a strong crop of $1,000,000 plus. Activity was robust across all price ranges, with 48 total transactions taking place through April 1st. So, why is the housing in East Falmouth so diverse?
One look at the geography of the area and it's easy to see. Much of East Falmouth is on the water - whether it's the ocean, a minor river or a pond. Buyers, especially those of second homes, love the water. On the high end, they're willing to give up 1,000 square feet of floor space to be closer to it. That fact alone makes East Falmouth desirable to many buyers. For our purposes, we grouped Davisville, Maravista, Teaticket and Hatchville in with East Falmouth, as many real estate agents do. Adding these neighborhoods into the broad umbrella of "East Falmouth" includes many antique homes and acres of conservation land in out calculations.
Given the sheer size of East Falmouth, it might not surprise many that it's the busiest market in town, but here's the kicker - homes here sell faster than all but one neighborhood in town. According to statistics provided by Cape Cod and Islands MLS, homes in East Falmouth sold after an average of 141 days on the market, second only to North Falmouth with 136. With today's market conditions and stringent lending standards, 141 days is a relative breeze. As the weather gets nicer and thus easier to show homes, we expect that number to come down over the next three to five months, and the volume of sales to continue to be robust.
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