January 2023 Cape Cod Housing Market Update

Welcome to the January 2023 Cape Cod Housing Market Update. In this comprehensive update, we will delve into the latest housing statistics for Barnstable County, highlighting key trends and insights. Additionally, we will provide a preview of what to expect in February. Whether you’re a potential buyer, seller, or simply interested in the local real estate market, this report aims to provide valuable information to help you make informed decisions. So let’s dive in!

January 2023 Recap:

The real estate market on Cape Cod witnessed some noteworthy developments in January. Here are the key points you need to know:

  1. Lowest January New Listings in 20 Years:
    January 2023 saw a significant decline in new single-family home listings, with only 143 properties coming on the market. This represents the lowest number of new listings for the month of January in the past two decades. The trend of decreasing new listings has persisted over the past three years, with 2021 experiencing a steep drop from 206 listings.
  2. Decrease in Over Asking Price Transactions:
    In January, the percentage of transactions closing above the asking price dropped to 14%. This is the lowest figure since June 2020, when it briefly reached 13.4%. This decline indicates a shift in market dynamics, suggesting that buyers may have more negotiating power.
  3. Pricing Dynamics:
    Approximately 66.3% of properties were sold below the latest asking price in January. While this figure is lower than the pre-pandemic averages of 74.5% in 2018 and 77.4% in 2019, it suggests a market that is gradually returning to pre-pandemic conditions. Moreover, the percentage of homes sold taking price drops experienced a slight decrease, although more than one-third of transactions involved price reductions for the third consecutive month.
  4. Inventory and Days on Market:
    Inventory levels showed a slight increase compared to the previous year and month, but Cape Cod remains a seller’s market with a supply of only 1.2 months. Properties priced below $600,000 continue to experience high demand, with an average of just 17 days on the market. However, homes priced over $600,000 typically take longer to sell, averaging 38 days on the market.

February Preview:

Looking ahead to February, here’s a sneak peek at what the market has in store:

  1. Decline in New Listings:
    From February 1st to February 15th, there were 101 new single-family home listings, marking a nearly 16% drop compared to the same period last year. This decline provides a preview of what to expect in February’s results, suggesting a potential continuation of the trend of reduced new listings.
  2. Active Listings and Price Distribution:
    As of February 16th, Cape Cod had a total of 296 active listings. Notably, only 38 of these listings were priced below $600,000, indicating a higher concentration of properties in the higher price range.


In conclusion, the Cape Cod real estate market continues to present interesting dynamics for buyers and sellers alike. Despite the challenges posed by low inventory levels, the market remains robust, particularly for lower-priced homes that often spark bidding wars and sell quickly. If you’re contemplating selling your property, the current market conditions offer favorable opportunities with active buyers still in the marketplace. Stay tuned for further updates on the Cape Cod real estate market.

If you have any questions or would like more detailed information on any of the above insights, please don’t hesitate to reach out. We’re here to assist you in making informed decisions.

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