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Cape Cod Real Estate Market Report – December 2023 ๐Ÿก๐Ÿ“Š

As the year comes to a close, let’s delve into the latest developments in the Cape Cod real estate market for December 2023. This month’s report unveils key metrics for both single-family properties and condominiums, shedding light on trends that shape the local housing landscape.

Single-Family Properties ๐Ÿ 

Pending and Closed Sales ๐Ÿ“‰

December saw a slight decrease in pending sales by 4.6% and a more pronounced drop in closed sales by 21.7% for single-family properties. These numbers indicate a year-end slowdown in market activity compared to December 2022.

Median Sales Price ๐Ÿ’ฐ

On the positive side, the median sales price for single-family homes experienced a robust increase of 12.3%, reaching $730,000. This surge reflects a continued demand for quality homes, contributing to a thriving market.

Inventory and Months Supply ๐Ÿ“ฆ

The inventory of homes for sale decreased by 10.7%, showcasing a leaner market. However, the months’ supply of inventory increased slightly by 5.9%, indicating a balanced dynamic between supply and demand.

Days on Market and List Price โณ๐Ÿ’ฒ

Homes in Barnstable County spent marginally fewer days on the market, down by 2.2%. Sellers also received a higher percentage of the original list price, up by 0.8%.

New Listings ๐Ÿ†•

December saw a significant decline in new listings for single-family properties, dropping by 30.4%. This suggests a potential tightening of supply in the market.

Condominium Properties ๐Ÿข

Pending and Closed Sales ๐Ÿ”„

Condominiums experienced a notable increase in pending sales, up by 19.5%, while closed sales saw a modest decrease of 5.7%. This mixed picture indicates a varied performance within the condominium sector.

Median Sales Price ๐Ÿ“ˆ

The median sales price for condominiums continued to rise, up by 7.3% to reach $434,500. This increase points to sustained demand for condominium living in Cape Cod.

Inventory and Months Supply ๐Ÿ“ฆ

Condominium inventory decreased by 15.2%, emphasizing a competitive environment for available units. The months’ supply of inventory, however, decreased slightly by 5.6%, indicating ongoing demand.

Days on Market and List Price โณ๐Ÿ’ฒ

Condominiums experienced a significant decrease in days on market, down by 24.4%, coupled with a higher percentage of the original list price received, up by 0.7%.

New Listings ๐Ÿ†•

December brought a 20.7% increase in new listings for condominiums, suggesting a potentially expanding market for this property type.

Conclusion ๐Ÿค”

As we wrap up the year, the Cape Cod real estate market displays diverse trends across single-family and condominium properties. While single-family homes show signs of a slowdown in sales, the robust increase in median prices indicates continued demand. Condominiums, on the other hand, showcase a mixed performance with a surge in pending sales and a steady rise in median prices.

Buyers and sellers should take note of these nuances, as they provide valuable insights into the current state of the Cape Cod housing market. The coming months will likely bring new dynamics, making it crucial for stakeholders to stay informed for strategic decision-making in 2024. ๐Ÿกโœจ #CapeCodRealEstate #YearEndMarketAnalysis #HomeSweetHome ๐Ÿ“Š๐Ÿ”

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