Welcome to our comprehensive Cape Cod Housing Market Report for May 2023. In this update, we’ll delve into the latest data, trends, and insights shaping the real estate landscape in Cape Cod. From median sales prices to cash transactions and inventory levels, we’ll provide valuable information for buyers and sellers. Stay informed and gain a competitive edge in the Cape Cod housing market with our in-depth analysis. Let’s explore the details!
May 2023 Highlights:
Here are the key highlights from the Cape Cod housing market in May:
- Median Sales Prices:
The median sales price for single-family homes in May was $700,000, reflecting a 6.5% decrease year over year. However, the year-to-date (YTD) median sales price of $699,000 shows a slight upward trend of 1.3%. On the other hand, condo sales prices continue to rise, reaching $480,000 in May, a significant 12.7% increase compared to the previous year. - Cash Transactions:
Cash transactions accounted for 38.0% of all transactions in May, indicating a notable presence of buyers with the ability to make cash purchases. - Properties Selling Over Asking Price:
The percentage of properties selling for more than their asking price experienced a significant increase, reaching 49.4% in May. This figure surpassed the overall trend of 2023 and elevated the YTD percentage to 33.1%. Moreover, for the second consecutive month, the number of properties selling at or above the asking price showed a substantial increase, reaching 63.7%. This marks the highest percentage seen since July 2022. - Price Drops:
Only 14.7% of homes that sold in May experienced price drops, indicating a market where sellers were able to achieve their desired prices without the need for significant reductions. This represents the lowest percentage of homes taking price drops since July 2022. - Median Days on Market:
The median days on market continued its steady decline, reaching the lowest point since July 2022. This suggests a strong buyer demand and a swift turnover of properties in the Cape Cod market. - Months Supply of Inventory:
For the third consecutive month, the months supply of inventory for single-family units increased, reaching 1.9 months. Although this signifies a steady increase in supply, Cape Cod remains a seller’s market, indicating continued high demand and limited inventory.
June Preview:
Looking ahead to June, here’s a preview of what to expect in the Cape Cod housing market:
- Decrease in New Listings:
From June 1st to June 27th, there were 267 new single-family listings, marking a 27.8% drop compared to the same period last year. This suggests a potential tightening of inventory in June. - Price Distribution of Active Listings:
As of this writing on May 13th, there are 452 active single-family listings in Cape Cod. However, only 92 of these listings are priced below $700,000, indicating that 80% of the available inventory for purchase falls above the $700,000 price range. This highlights the dominance of higher-priced properties in the current market.
Bottom Line:
In conclusion, the Cape Cod housing market continues to experience tight inventory, low days on market, and increasing prices. Competition remains high, particularly for move-in ready properties and lower-priced homes. While rising interest rates impact purchasing power, the effects on pricing and competition have not yet been observed. Whether you’re considering buying, selling, or seeking an equity assessment, don’t hesitate to reach out for assistance.
Talk to you soon!
