Tourism and real estate are Cape Cod's two biggest money-makers, and it's good news for many of our readers that they are both up significantly this year.
The number of single-family homes in Massachusetts put under sales agreement during March was up 15 percent compared to March 2013, according to the Massachusetts Association of Realtors.
The median sales price of single-family homes put under agreement in March was $314,000, which was up 8.3 percent from $290,000 in 2013.
Tourist season rentals up as well
WeNeedaVacation.com's Jeff Talmadge of reports that bookings season-to-date for the Cape & Islands are up 5.9% over the same period last year. Rental prices are up 2.8% over last year.
Jeff had reported earlier that while early booking numbers show healthy gains, it is the price increases which are the story. He added that early booking numbers for Cape Cod, Martha's Vineyard and Nantucket vacation rentals this summer indicate positive gains over the same period last year. But the significant increase in weekly pricing of the homes listed on WeNeedaVacation.com's vacation rental website marks the largest the company has seen in its 17-year history.
The Tourists are coming! The Tourists are coming!
Happily all indications are that we are in for a bigger-than-ever tourist season. Nobody knows for sure, but various state agencies report that five million visitors come to Cape Cod each year, and they spend about half of all the money garnered annually by Cape businesses.
Pat Brooks of Best Read Guide Cape Cod also reports a healthy increase in advertising sales for the upcoming season as compared with 2013.
She added that most of her hospitality industry clients reported that last year was also a banner year, and they all now hope to recover from what they say was the worse winter in memory due to the cold, wet and snowy weather.
13 months in a row
March marked 13 consecutive months of increases in pending home sales. “We continue to be hopeful that increasing home equity will encourage those homeowners, who are thinking about selling, to take advantage of the buyer demand and list their homes for sale,” association president Peter Ruffini, regional vice president at Jack Conway & Co., said in a statement.
“A good supply of homes for sale is what will keep the market healthy now and in the future.”