Cape Cod Market Report: June 2023
Welcome to the latest edition of the Cape Cod Market Report for the month of June 2023, where we provide an in-depth analysis of the real estate market. In this report, we will examine key metrics for both single-family properties and condominiums, highlighting the changes compared to the same period last year.
Single-Family Properties
The Cape Cod single-family property market experienced a decline in both pending and closed sales in June 2023. Pending sales decreased by 11.7% with 273 properties under contract, while closed sales saw a more significant drop of 18.8%, totaling 273 transactions.
Despite the decline in sales activity, the median sales price for single-family homes in Cape Cod showed a positive trend. The median sales price increased by 3.6% to reach $735,000, indicating a healthy appreciation in property values.
Inventory levels for single-family homes decreased by 18.6% to 447 homes available for sale. This decline in inventory contributed to a slight increase in the months’ supply of inventory, which rose by 5.6% to 1.9 months. Although the market remains competitive due to limited inventory, the increase in supply provides some relief for potential buyers.
The cumulative days on market until sale increased by 100.0% to an average of 34 days. This extended timeframe suggests a slight slowdown in the pace of transactions compared to the same period last year.
Sellers also experienced a decrease in the percent of the original list price received, with a decline of 4.0% to 99.9%. While still above the asking price, this reduction suggests a slightly more negotiable market environment.
New listings for single-family homes were down significantly, decreasing by 33.9% to 293 properties. This decline in new listings exacerbates the limited inventory challenges faced by buyers in the Cape Cod market.
Condominium Properties
The Cape Cod condominium market also witnessed a decline in both pending and closed sales in June 2023. Pending sales decreased by 34.6%, with 53 properties under contract, while closed sales dropped by 21.6% to a total of 69 transactions.
Similar to the single-family property market, the median sales price for condominiums demonstrated positive growth. The median sales price increased by 6.5% to reach $449,900, highlighting the ongoing appreciation in the condo market.
Inventory levels for condominiums experienced a marginal decrease of 2.4%, with 123 units available for sale. The months’ supply of inventory increased by 33.3% to 2.0 months, suggesting a slightly more balanced market for condominium properties.
The cumulative days on market until sale decreased by 22.2% to an average of 28 days. This reduction indicates that condominium properties are selling at a faster pace compared to June 2022.
Similar to single-family properties, the percent of the original list price received for condominiums decreased, showing a decline of 4.7% to 98.9%.
New listings for condominiums experienced a substantial decrease of 42.4% to 68 properties. This further contributes to the limited inventory challenges faced by potential buyers in the Cape Cod condo market.
Conclusion
The Cape Cod real estate market in June 2023 experienced a decline in both pending and closed sales for both single-family properties and condominiums compared to the same period last year. However, the market continues to demonstrate positive growth in median sales prices, indicating a healthy appreciation in property values.
Limited inventory levels and decreased new listings present challenges for buyers, contributing to increased competition in the market. The slight increase in the months’ supply of inventory suggests a potential shift towards a more balanced market.
As we move forward, it will be crucial to closely monitor how market conditions evolve and whether there will be a resurgence in sales activity. We will continue to provide you with the latest insights in our upcoming reports.
Note: The statistics mentioned in this report are based on data available at the time of writing and are subject to change as more information becomes available.
Sources: Cape Cod & Islands Association of Realtors® MLS Cape Cod Property Information Network (CCPIN) Statistical Reports (June 2023)