As we dive into the heart of summer, the Cape Cod real estate market continues to show strength, with notable activity across both single-family 🏡 and condominium properties 🏢. Let’s explore the key trends shaping the Barnstable County market in July 2024.
Single-Family Properties: Rising Demand and Higher Prices
The single-family home market in Barnstable County has experienced significant growth, with a marked increase in both pending and closed sales.
- Pending Sales: The number of pending sales has surged by an impressive 33.2% 📈, with 289 homes under contract in July 2024, compared to 217 in July 2023. Year-to-date figures also show a solid 9.1% increase, indicating sustained demand throughout the year.
- Closed Sales: Closed sales saw a 19.4% uptick, with 252 homes sold this July compared to 211 last year. The year-to-date closed sales also showed positive growth, up by 2.9%.
- Median Sales Price: The median sales price for single-family homes has climbed by 6.0% 💰, reaching $800,000 in July 2024. This represents a year-to-date increase of 6.6%, pushing the median price to $755,000, reflecting the high demand for Cape Cod properties.
- Inventory Levels: Inventory has expanded significantly, with a 29.8% increase in the number of homes for sale, now standing at 666 compared to 513 in July 2023. This increase is also evident in the months’ supply of inventory, which has grown from 2.2 to 2.9 months, a 31.8% rise, offering buyers more options.
- Market Timing and Pricing: Homes are spending slightly more time on the market, with cumulative days until sale increasing by 13.3% to 34 days ⏳. Meanwhile, sellers are receiving slightly less of their original list price, with a slight dip of 1.9% to 97.2% of the list price.
- New Listings: New listings for single-family homes have grown by 10.5%, signaling that more homeowners are looking to take advantage of the current market conditions 🏘️.
Condominium Properties: Mixed Signals
The condominium market in Barnstable County is displaying mixed trends, with some areas showing strength while others reflect a cooling-off period.
- Pending Sales: Pending sales for condos have declined by 12.9%, with only 61 units under contract this July compared to 70 in the same period last year. The year-to-date pending sales also saw a slight drop of 3.0% 📉.
- Closed Sales: The number of closed sales also dipped slightly, with a 3.8% decrease from 52 in July 2023 to 50 in July 2024. Year-to-date figures show a marginal 1.0% decline, indicating a stable, yet slightly subdued market.
- Median Sales Price: Despite the decrease in sales, the median sales price for condominiums has risen sharply by 12.8% 💵, reaching $572,000 this July. The year-to-date median price also saw a healthy 6.1% increase to $477,500, reflecting continued buyer interest in Cape Cod condos.
- Inventory Levels: Condo inventory has grown significantly, with a 62.9% increase, bringing the number of available units to 202 compared to 124 last year. The months’ supply of inventory has also expanded dramatically by 70.0%, reaching 3.4 months 🏢.
- Market Timing and Pricing: Condos are selling faster this year, with cumulative days on the market until sale halved, dropping from 72 days to just 36 days ⏰, reflecting strong demand for well-priced properties. Sellers are also receiving more of their original list price, with a 1.1% increase to 98.6%.
- New Listings: New listings for condominiums have seen a modest increase of 5.3%, indicating a slight uptick in market activity. The year-to-date new listings are up by a robust 21.8%, suggesting more inventory is entering the market 🏙️.
Summary
The Cape Cod real estate market remains vibrant as we move through 2024, with strong demand and rising prices in both the single-family and condominium segments. While single-family homes continue to see robust growth in sales and pricing, the condominium market is showing some mixed signals, with declining sales but a notable increase in prices and inventory.
For both buyers and sellers, understanding these trends is crucial to making informed decisions in this dynamic market. Whether you’re looking to buy or sell, the current market conditions offer unique opportunities to explore 🏡💼.
Stay tuned for more updates as we continue to track the Cape Cod real estate market throughout the year.