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Cape Cod Real Estate Market Report – November 2023 🏡📊

As we approach the end of 2023, the Cape Cod real estate market continues to exhibit interesting trends and shifts. This November, we take a closer look at the housing market in Barnstable County, focusing on key metrics for both single-family properties and condominiums.

Single-Family Properties 🏠

Pending and Closed Sales 📉

The market saw a decline in both pending and closed sales for single-family properties, with a decrease of 16.5% and 18.5%, respectively, compared to November 2022. The numbers reflect a trend of decreased activity in the housing market during this period.

Median Sales Price 💰

Despite a reduction in sales volume, the median sales price for single-family homes experienced a notable increase of 15.5%, reaching $772,500. This surge in median price suggests a persistent demand for quality homes in the region.

Inventory and Months Supply 📦

The inventory of homes for sale showed a marginal decrease of 2.2%, indicating a relatively stable market. However, the months’ supply of inventory rose by 14.3%, pointing to a potential easing of demand compared to the same period last year.

Days on Market and List Price ⏳💲

Homes in Barnstable County spent fewer days on the market before being sold, with a decrease of 13.9%. Sellers also received a slightly higher percentage of the original list price, up by 1.5%.

New Listings 🆕

The number of new listings for single-family properties declined by 6.1%, reflecting a possible slowdown in the supply side of the market.

Condominium Properties 🏢

Pending and Closed Sales 🔄

Condominiums showed a steadier performance, with pending sales remaining unchanged and closed sales experiencing a 0.0% change compared to November 2022.

Median Sales Price 📈

The median sales price for condominiums increased by 1.4%, reaching $525,000. This modest rise indicates a relatively stable market for this property type.

Inventory and Months Supply 📦

Condominium inventory decreased by 10.8%, signaling potential competition among buyers for available units. The months’ supply of inventory, however, remained steady.

Days on Market and List Price ⏳💲

Condominiums also saw a reduction in days on market, down by 3.8%. Sellers received a slightly higher percentage of the original list price, indicating favorable conditions for those selling condominiums.

New Listings 🆕

New listings for condominiums decreased by 2.0%, mirroring the trend observed in the single-family property market.

Conclusion 🤔

As we analyze the local Cape Cod real estate market for November 2023, the data suggests a nuanced picture. While single-family properties experienced a decline in both sales volume and new listings, the median sales price and seller benefits increased. Condominiums, on the other hand, remained relatively stable with minor fluctuations in key metrics.

Buyers and sellers should closely monitor these trends, as they provide valuable insights into the current dynamics of the Cape Cod housing market. As we move into the final months of the year, these observations can help inform strategic decisions in the ever-evolving real estate landscape. 📈🏡

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