February 2023 Cape Cod Housing Market Update

Step into the latest edition of our Cape Cod Real Estate Market Report, focusing on the dynamic market trends and housing statistics for February 2023. This update sheds light on the ever-evolving landscape of the Barnstable County housing market. From notable surges in home sales exceeding asking prices to unprecedented lows in new property listings, this report is a valuable resource for buyers and sellers alike. Join us as we unravel the intricate details and insights that shape the Cape Cod real estate market. Let’s explore the fascinating highlights together!

February 2023 Recap:

The Cape Cod real estate market witnessed significant developments in February. Here are the key highlights:

  1. Rising Sales Above Asking Price:
    This February, there was a notable increase in home sales closing above the asking price, reaching 23.1%. Among the properties sold above the asking price, a staggering 97% were only 10% over the asking price or below. This indicates a trend of competitive bidding and suggests that buyers are willing to pay premiums for desirable properties.
  2. Record-Low New Listings:
    February 2023 experienced the lowest number of new single-family home listings in the past 20 years, with only 244 properties hitting the market. This ongoing trend of decreasing new listings has persisted for the past 10 months, compared to the corresponding months in previous years. The scarcity of new listings underscores the current challenges in the Cape Cod real estate market.
  3. Pricing Dynamics and Price Drops:
    Approximately 63.7% of properties sold year-to-date (YTD) were under the latest asking price, trailing the pre-pandemic averages of 74.5% in 2018 and 77.4% in 2019. Interestingly, the number of homes taking price drops saw an increase, reaching 42.9% of sold homes. This marks the first time since February 2020 that over 40% of sold homes have undergone price reductions, indicating a trend towards pre-pandemic market patterns.
  4. Days on Market:
    Properties priced under $600,000 continue to experience high demand, with an average of just 17 days on the market. However, homes priced over $600,000 have a longer average time on the market at 46 days. This highlights the varying dynamics based on price ranges and emphasizes the competitiveness in the lower-priced segment.

March Preview:

Looking ahead to March, here’s a glimpse of what to expect in the Cape Cod real estate market:

  1. Decline in New Listings:
    From March 1st to March 19th, there were 157 new single-family home listings, marking a nearly 28% drop compared to the same period last year. This decrease provides a preview of the expected trends in March, suggesting continued challenges with limited new inventory entering the market.
  2. Active Listings and Price Distribution:
    As of March 20th, Cape Cod had a total of 312 active listings. Surprisingly, only 63 of these listings were priced below $700,000, indicating that nearly 80% of the available inventory for purchase falls above the $700,000 price point. This highlights the shift towards higher-priced properties in the current market landscape.


In conclusion, the Cape Cod real estate market continues to face inventory constraints and fierce competition, particularly in the lower-priced segment. With rising home sales above the asking price and record-low new listings, the market favors sellers. However, buyers still have opportunities to secure properties, especially by remaining vigilant and prepared to act quickly.

If you’ve been contemplating selling your property, the current market conditions present favorable opportunities, with active buyers still in the marketplace. Stay informed, monitor the trends, and consult with real estate professionals for expert guidance.

For further details or any inquiries, please don’t hesitate to reach out. We’re here to assist you in navigating the Cape Cod real estate market.

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