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Cape Cod Real Estate Market Report: April 2024 🏡📈

As we step into the vibrant season of spring on Cape Cod, it’s time to take a closer look at the pulse of our local real estate market. The Cape has always been a coveted destination for homeowners and investors alike, and the trends of 2024 continue to reflect its enduring appeal. In this report, we delve into the key metrics for single-family properties and condominiums in Barnstable County, providing insight into the dynamics shaping the market.

Single-Family Properties:

Pending and Closed Sales:

  • Pending sales for single-family properties surged by a remarkable 18.1% compared to April 2023, reaching a total of 300. This indicates a strong demand and an active market.
  • Despite a slight dip in closed sales by 2.8%, with a total of 222 properties sold, the market remains robust, demonstrating resilience and stability.

Median Sales Price:

  • The median sales price for single-family properties experienced a notable increase of 6.1%, rising from $762,500 in April 2023 to $809,250 in April 2024. This steady appreciation reflects the enduring value of real estate on Cape Cod.

Inventory and Supply:

  • The inventory of homes for sale witnessed a significant uptick of 15.7%, indicating a healthier balance between supply and demand.
  • However, this increase in inventory led to a 29.4% rise in the months’ supply of inventory, suggesting a shift towards a more balanced market, providing buyers with additional options.

Days on Market and List Price:

  • Despite the increase in inventory, the cumulative days on market until sale remained steady at 46 days, showcasing the efficiency of transactions in the Cape Cod market.
  • Sellers continued to receive favorable offers, with the percent of original list price received experiencing a slight uptick of 0.7%, indicating a competitive environment for buyers.

New Listings:

  • New listings for single-family properties surged by an impressive 20.3% compared to the previous year, signaling a healthy influx of inventory into the market.

Condominium Properties:

Pending and Closed Sales:

  • In contrast to single-family properties, pending sales for condominiums experienced a slight decline of 6.1%, totaling 62 pending transactions.
  • Closed sales also saw a decrease of 16.2%, with 57 condominiums sold during the month of April.

Median Sales Price:

  • Despite the decline in sales volume, the median sales price for condominiums witnessed a notable increase of 16.1%, indicating strong demand and value appreciation.

Inventory and Supply:

  • The inventory of condominiums for sale saw a modest increase of 11.4%, contributing to a 21.1% rise in the months’ supply of inventory.
  • This increase in supply suggests a more balanced market for condominiums on Cape Cod.

Days on Market and List Price:

  • The cumulative days on market until sale for condominiums experienced a slight increase of 27.3%, reaching 56 days.
  • However, sellers continued to receive favorable offers, with the percent of original list price received showing a modest uptick of 0.5%.

New Listings:

  • New listings for condominiums remained relatively stable, with a slight decrease of 1.3% compared to the previous year.

Conclusion:

In summary, the Cape Cod real estate market continues to demonstrate resilience and strength in April 2024. While single-family properties witnessed robust activity, marked by an increase in pending sales and median sales price, condominiums experienced a more moderate performance. Nevertheless, both segments of the market maintained healthy levels of inventory, providing buyers with ample options.

As we move further into the spring season, the Cape Cod real estate market remains a dynamic landscape, offering opportunities for both buyers and sellers. Whether you’re looking for a quaint single-family home or a stylish condominium, now is an exciting time to explore the diverse offerings of Cape Cod’s real estate market. Stay tuned for more updates as we continue to monitor the evolving trends shaping our local communities. 🌊🌸

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