Cape Cod is a geographic cape extending into the Atlantic Ocean from the southeastern corner of mainland Massachusetts. Cape Cod is known for its history, maritime character and ample beaches attract heavy tourism during the summer months.
As defined by the Cape Cod Commission's enabling legislation, Cape Cod is conterminous with Barnstable County, Massachusetts. It extends from Provincetown in the northeast to Woods Hole in the southwest, and is bordered by Plymouth to the northwest.
Two highway bridges cross the Cape Cod Canal: the Sagamore Bridge and the Bourne Bridge. In addition, the Cape Cod Canal Railroad Bridge carries railway freight and provides limited passenger service onto the Cape. Cape territory is divided into 15 towns with many villages.
Despite a decline in total units closed compared to Q2 2019, Q2 2020 saw prices steadily rise on the Cape by 2.4% as the demand for second homes increases due to the rise in remote working. The top end of the Cape market, however, has softened compared to Q2 2019 which saw three sales above $6.5M as opposed to none in Q2 2020. Nevertheless, although the was a statewide stay at home order in April and May coupled with business closures that impacted tourism, this quarter could have been much worse.
With 250 homes currently on the market priced over $1M compared to 381 in June of 2019, the upper end of the Cape market is currently undersupplied; Q3 2020 will likely show a positive correction and swing average price upwards along with number of closings as the state and nation recovers.