April 2023 Cape Cod Housing Market Update

Welcome to our comprehensive Cape Cod Housing Market Report for April 2023. In this update, we bring you the latest insights and trends shaping the real estate landscape on Cape Cod. From median sales prices to cash transactions and inventory levels, we’ll explore the key highlights that impact both buyers and sellers. Additionally, we’ll provide an exclusive preview of what to expect in May. Stay informed and gain a competitive edge on the Cape Cod housing market with our in-depth analysis. Let’s dive into the details!

April 2023 Highlights:

Here are the noteworthy highlights from the Cape Cod housing market in April:

  1. Increased Median Sales Prices:
    The median sales price for single-family homes rose by 4.6% to reach $760,000, while condominium properties experienced a significant increase of 14.9%, reaching $442,500. These upward trends indicate a robust market with growing property values.
  2. Steady Cash Transactions:
    Cash transactions remained stable, accounting for 34.3% of all transactions in April. This highlights the continued presence of cash buyers in the Cape Cod real estate market.
  3. Surge in Properties Sold above Asking Price:
    The percentage of properties selling for more than their asking price witnessed a notable increase, reaching 38.9% in April. This represents a positive trend compared to the year-to-date figure of 27.8%. Additionally, for the first time since October 2022, over 50% of properties sold are now achieving or surpassing their asking price.
  4. Decrease in Homes Taking Price Drops:
    Only 20% of homes that sold experienced price drops in April, marking the lowest percentage since August 2022. This suggests a market where sellers are achieving their desired prices without the need for significant price reductions.
  5. Median Days on Market:
    The median days on market continued its downward trend, reaching the lowest point in the last eight months. This indicates strong buyer demand and a quick turnover of properties in the Cape Cod market.
  6. Months Supply of Inventory:
    While there was a 33.3% increase in the months supply of inventory for single-family units since last month, rising to 1.6 months, Cape Cod still remains a seller’s market. The increased supply offers buyers more options but doesn’t significantly shift the market dynamics.

May Preview:

Looking ahead to May, here’s a preview of what to expect in the Cape Cod housing market:

  1. Decrease in New Listings:
    From May 1st to May 13th, there were 149 new single-family listings, representing a 23% decrease compared to the same period last year. This suggests tighter inventory is here to stay in May.
  2. Price Distribution of Active Listings:
    As of May 13th, there are 423 active single-family listings on Cape Cod, with only 84 priced below $700,000. This means that over 80% of available inventory is priced above $700,000, reflecting the current market dynamics.

Bottom Line:

The Cape Cod housing market continues to experience limited inventory, low days on market, and increasing prices. Competition remains high, particularly for well-maintained and move-in ready properties. Although rising interest rates may impact purchasing power, the effect on pricing and competition has not yet been observed. Stay tuned for further market updates.

We hope you find this information valuable for understanding the current market conditions. If you’re considering buying or need an updated equity assessment for your property, feel free to reach out. Our team is here to provide expert assistance tailored to your needs.

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