As we move through the summer of 2024, the Cape Cod real estate market continues to evolve. Here’s your detailed look at the trends for single-family homes and condominiums in Barnstable County, showcasing some key changes and what they mean for buyers and sellers alike. Let’s dive in! 👇
📊 Single-Family Properties: Market is Heating Up!
The single-family home market in Barnstable County is showing steady growth, with pending sales slightly increasing by 0.8% compared to last year. The number of closed sales also rose by a notable 10.7% for August, reflecting a strong buyer interest despite rising home prices.
- Median Sales Price: Increased by 7.2%, reaching $740,000 for August 2024. Year-to-date, the median price climbed to $751,500 (+6.6%).
- Inventory: With 753 homes available, the inventory saw a massive 34.0% jump compared to last year.
- Months Supply of Inventory: Up by 32.0%, now standing at 3.3 months. A sign of more options for buyers!
- Cumulative Days on Market: Homes are taking longer to sell, with an increase of 60.7%, now averaging 45 days.
- Percent of Original List Price Received: Sellers are getting 96.2% of their asking price, slightly down by 1.4% compared to 2023.
🔑 Key Takeaways: It’s a more competitive market for sellers as inventory rises and homes stay on the market longer. Buyers have more options, but rising prices mean affordability is still a challenge.
🏢 Condominium Properties: Mixed Results
The condo market in Barnstable County is showing a bit of a mixed bag. While there has been a slight uptick in pending sales (+2.6%), closed sales dropped by 11.3% for August 2024.
- Median Sales Price: Decreased by 3.3% to $505,000, but year-to-date, prices are still up by 4.3%.
- Inventory: A significant 50.0% increase in available condos, reaching 201 units. This gives buyers more options compared to last year.
- Months Supply of Inventory: Jumped to 3.4 months, marking a 54.5% increase.
- Cumulative Days on Market: Dropped by 20.5%, with condos now averaging 31 days on the market for August, indicating quicker sales despite the overall slowdown in closed transactions.
- Percent of Original List Price Received: Sellers received 96.6% of their asking price, down by 4.1% from last year.
🔑 Key Takeaways: The condo market is experiencing more fluctuation, with fewer closed sales but quicker turnover on listings. Inventory growth gives buyers more choices, but sellers may need to adjust expectations on pricing.
📈 The Big Picture: What Does This Mean for Cape Cod Buyers & Sellers?
- For Buyers: There are more homes and condos on the market than last year, giving you more options to choose from. However, single-family home prices are continuing to rise, so acting quickly on well-priced properties is key. 🏠
- For Sellers: You may need to be more flexible with your pricing as competition increases. Homes are staying on the market longer, and buyers are looking for good value in this shifting landscape. Consider enhancing your home’s appeal to stand out in the rising inventory. 🏡
As always, understanding these trends can help you navigate the Cape Cod market successfully. Whether you’re buying or selling, knowledge is power! 💪
Have questions about the market? Drop them in the comments or reach out! 🌊📧