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Cape Cod Real Estate Market Report – August 2023

Check out the latest insights into the Cape Cod real estate market for August 2023. It’s been an eventful summer, with some notable trends shaping the landscape of our beloved community.

Single-Family Properties:

The Cape Cod single-family property market has been influenced by several key factors. Higher mortgage rates, which have remained above 6.5% since May, have impacted buyer activity. This is evident in the decrease in both pending and closed sales, down 10.8% and 22.4%, respectively, compared to the previous year. However, it’s essential to highlight that the median sales price has remained stable, with a modest 2.2% increase, reaching $705,000.

Condominium Properties:

Condominium properties have also seen their fair share of adjustments. Pending sales in this segment increased slightly by 1.3%, while closed sales decreased by 7.9%. The median sales price for condominiums experienced a healthy 7.3% increase, reaching $465,000. The rise in prices reflects the competitive nature of the market, even in the face of declining sales.

Inventory and Supply:

Inventory levels have tightened for both single-family and condominium properties. The inventory of homes for sale decreased by 12.8% for single-family homes and 10.9% for condominiums, contributing to a slight increase in the months of supply of inventory.

Price Trends:

Despite a slowdown in home sales, prices have remained robust due to limited supply. Nationally, the shortage of homes for sale, with 14.6% fewer homes available compared to the previous year, has driven sales prices higher. The national median existing-home price now stands at $406,700, marking a 1.9% increase from the previous year.

While these market dynamics may pose challenges for both buyers and sellers, it’s essential to remember that Cape Cod’s real estate market remains a valuable long-term investment.

If you’re considering buying or selling a property on Cape Cod, our team of local experts is here to guide you through these changing market conditions. Reach out to us today for personalized advice and assistance tailored to your real estate goals.

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