June 2023 Cape Cod Housing Market Update

Discover the latest Cape Cod real estate results for June 2023! We have compiled the housing statistics for Barnstable County, including the Hot Town Summary Report and the Comparison of Sales Price to Asking Price. Let’s delve into the highlights and insights from the data.

June 2023 Cape Cod Real Estate Highlights:

  1. Limited Inventory Impact: June 2023 witnessed the lowest number of new single-family home listings in the past two decades, with only 297 properties hitting the market. This trend of consistently low listings continues to limit the supply of homes available for sale, leading to higher prices, despite increasing interest rates.
  2. Rising Percentage of Properties Sold Above Asking Price: A remarkable 49.6% of properties were sold for more than their asking price in June 2023, marking the fifth consecutive month of increasing percentages for such sales.
  3. Median Sales Price Growth: The median sales price for single-family homes experienced a 3.6% increase, reaching $735,000 in June and $700,500 year-to-date (YTD). Condominium properties also saw a rise of 6.5%, reaching $449,900 in June and $445,000 YTD.
  4. Steady Cash Transactions: Cash transactions accounted for 34.5% of single-family home transactions, indicating a consistent trend in the Cape Cod market.
  5. Insufficient Inventory to Satisfy Demand: Despite a 5.6% increase in the “month’s supply of inventory” for single-family units, this rise is primarily due to the decline in closed sales. The market still faces a shortage of inventory, especially in the lower price points.

July 2023 Cape Cod Real Estate Preview:

  1. Anticipating July Results: From July 1st to July 16th, 2023, there were only 141 new single-family listings, a significant 27% drop compared to the same period last year. This preview indicates a continuation of the low number of new listings.
  2. Current Inventory Snapshot: As of July 17th, 2023, there are 469 active listings on Cape Cod. Shockingly, only 94 of them are priced below $700,000, leaving over 80% of the inventory above this price point.
  3. Average Days on Market and Price Drops: Homes still available for sale have been on the market for an average of 95 days, and 33% of them have experienced price drops. The majority of these unsold properties are higher-priced homes.

Bottom Line:

Despite a slight increase in the month’s supply of inventory, Cape Cod remains a seller’s market. The scarcity of closed transactions is a direct result of diminishing inventory and new listings. However, properties priced competitively and marketed effectively continue to sell quickly, with most staying on the market for less than a month, thanks to strong demand and limited supply.

If you have any questions or require further details on any of the above, feel free to reach out to us. We are here to help you navigate the dynamic Cape Cod real estate market.

Stay tuned for more updates, and let’s talk soon!

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