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Cape Cod Market Report: January 2024 Update

Steady Prices, Shifting Inventory, and Encouraging Condo Trends

January 2024 brings a mixed bag of news for the Cape Cod real estate market. While sales activity saw a slight dip compared to last year, prices remain strong, and new listings offer promising opportunities for both buyers and sellers. Let’s dive into the data and unpack the key takeaways.

Single-Family Homes:

  • Sales: Pending and closed sales both declined by around 10%, suggesting a slightly cooler market compared to the heated pace of 2023.
  • Prices: The median sales price continues to climb, up 6.5% to $702,500, indicating sustained demand despite the slowdown in activity.
  • Inventory: The number of homes for sale rose by 6%, potentially easing tight buyer competition. However, the Months Supply of Inventory remains low at 1.8, still favoring sellers.
  • Market Time: Homes are taking slightly longer to sell, with the average time on market increasing by 7.3%.
  • List Price Ratio: Sellers are receiving slightly less than their asking price, with the average sale price falling 0.8% below the original listing.
  • New Listings: There’s good news for buyers! New listings jumped by 24.1%, offering more options to enter the market.
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Condominiums:

  • Sales: Pending sales increased by 18.2%, hinting at growing interest in condos. Closed sales, however, dipped by 14.9%.
  • Prices: Despite the decline in closed sales, the median price held steady at $465,000, suggesting continued value in the condo market.
  • Inventory: Similar to single-family homes, condo inventory saw a slight decrease, maintaining a seller-friendly market.
  • Market Time: Condos are selling considerably faster, with the average time on market dropping by 22.4%.
  • List Price Ratio: Sellers are achieving higher sale prices than their asking price, with the average condo selling for 1.3% above the original listing.
  • New Listings: The number of new condo listings surged by 38.8%, providing more choices for buyers looking for more affordable options.

Overall:

The Cape Cod market in January 2024 shows signs of stabilization and potential shifts. While sales activity cooled down slightly, prices remain strong, particularly for single-family homes. The increase in new listings for both single-family homes and condos is encouraging news for buyers seeking more options. Additionally, the faster selling time for condos suggests growing interest in this segment of the market.

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