The Cape Cod real estate market is in a league of its own, defying expectations and continuing its relentless surge. For a comprehensive understanding of the current state of affairs, we’ve compiled the latest statistics that provide a bird’s eye view of the real estate landscape in Barnstable County. In this blog, we’ll dive into the key highlights, the October preview, and what this all means for buyers and sellers in this unique market.
Highlights:
1. Cash Transactions at Record Highs:
The most striking feature of the Cape Cod real estate market is the soaring prevalence of cash transactions. In a trend that has steadily risen since 2018, cash transactions now constitute an impressive 43.6% of all single-family home transactions. This is a significant indicator of the strong investor interest and financial stability within the market.
2. Historic Low in New Listings:
With only 336 new listings for single-family homes in September 2023, we’re witnessing the lowest figure for this month in the last 20 years. This number is even lower than September 2022 when there were 378 new listings. This sustained shortage of listings is driving up property prices, despite the concurrent increase in interest rates.
3. Homes Selling Above Asking Price:
Properties selling above their asking price have remained steady for the last three months at 42.7%, marking a minor increase from the previous year’s 41.2%. This trend highlights the fierce competition among buyers and the willingness to pay a premium for coveted homes.
4. Median Sales Prices Surge:
The median sales price for single-family homes witnessed a remarkable 17.8% increase, reaching $795,000 in September, with a year-to-date median of $715,000. In contrast, condo prices took a dip in September, falling by 16.1% to $457,500, although they still boasted a YTD increase of 3.9% to $462,500. This substantial price growth underlines the desirability of Cape Cod real estate, even in the face of economic uncertainty.
5. Inventory Remains Scarce:
While there has been an 8.7% increase in the “month’s supply of inventory” for single-family homes, it’s important to note that this uptick is primarily due to a decrease in closed sales. The market continues to grapple with a lack of sufficient inventory, particularly for those searching for homes at the lower end of the price spectrum.
October Preview:
The October preview provides a glimpse of the ongoing market dynamics. New listings between October 1-14, 2023, totaled 154, slightly higher than the 150 listings for the same period last year. Given that October 2022 marked the lowest number of October listings in two decades, this year seems to be shaping up in a similar fashion.
Presently, there are 576 active single-family listings across Cape Cod, with only 139 priced under $700,000. This means that a staggering 75% of available inventory is priced over $700,000. Furthermore, there are only 33 properties listed under $500,000, emphasizing the high-end nature of this market.
Bottom Line:
In summary, it’s clear that the Cape Cod real estate market remains firmly in the seller’s favor. Despite a slight increase in the “month’s supply of inventory,” it’s not sufficient to alter market dynamics. Low numbers of closed transactions are largely due to a scarcity of inventory and new listings.
Well-priced and effectively marketed properties are snapped up rapidly, often within a month. While average days on the market have inched upward, this figure is influenced by a handful of properties that linger unsold for extended periods. The median days on the market is an impressive 13 days, compared to an average of over 30 days.
Whether you’re contemplating buying or selling, now is the ideal time to formulate your strategy in this red-hot market. If you have any further questions or need deeper insights into these statistics, don’t hesitate to reach out. The Cape Cod real estate market is in a league of its own, and it’s crucial to have the right guidance as you navigate it. Talk to you soon!
