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Cape Cod Real Estate Market Report: September 2023

As the summer season fades into the background and the leaves start to change, it’s time to take a closer look at the real estate market on beautiful Cape Cod. With its stunning coastline, charming towns, and picturesque landscapes, Cape Cod has always been a desirable place to live. But how have the recent market trends been impacting the local real estate scene?

Let’s dive into the latest data for September 2023 to gain a better understanding of the Cape Cod real estate market.

Single-Family Properties

Pending Sales and Closed Sales

In the world of single-family properties, the market has shown some interesting developments. Pending sales have seen a modest increase of 1.1%, with 273 properties pending in 2023 compared to 270 in 2022. However, closed sales have taken a hit, declining by 33.8%. In 2022, there were 337 closed sales, whereas in 2023, this number dropped to 223. It’s worth noting that the real estate market can experience fluctuations year over year, and this decrease may not necessarily be a cause for alarm.

Median Sales Price

One significant positive trend for homeowners on Cape Cod is the increase in the median sales price for single-family properties. In 2023, the median sales price stands at $795,000, reflecting a robust 17.8% increase from the previous year’s $675,000. This spike indicates the desirability of owning a piece of this idyllic coastal community.

Inventory and Months Supply

Inventory of homes for sale has decreased by 12.9%, with 565 homes available in 2023. This reduction can put pressure on buyers as they compete for a limited supply. Months supply of inventory has increased slightly by 8.7%, standing at 2.5 months. This figure suggests that the market still leans towards being a seller’s market but is not as intense as in previous years.

Days on Market and List Price

Properties are spending a bit more time on the market, with the cumulative days on market until sale increasing by 20.8% from 24 days in 2022 to 29 days in 2023. Despite this, sellers are receiving an average of 98.4% of the original list price, a slight increase from 2022.

New Listings

The number of new listings in the single-family property category decreased by 11.1%, with 336 new listings in 2023 compared to 378 in 2022. This drop in new listings, combined with increased demand, could be contributing to the reduced inventory.

Condominium Properties

Pending Sales and Closed Sales

Condominium properties on Cape Cod have experienced a decrease in both pending and closed sales. Pending sales declined by 4.3% in 2023, with 67 properties pending, compared to 70 in 2022. Closed sales saw a more significant decrease of 20.0%, with 76 closed sales in 2023, down from 95 in 2022.

Median Sales Price

The median sales price for condominiums in 2023 is $457,500, reflecting a 16.1% decrease from 2022’s $545,000. However, it’s essential to remember that condominium prices can be influenced by the mix of units available, including the age, size, and location of the properties.

Inventory and Months Supply

Inventory of condominiums for sale decreased slightly by 4.7%, with 143 units available in 2023. The months supply of inventory increased by 15.0% to 2.3 months, indicating a less competitive market than the single-family property category.

Days on Market and List Price

Condominiums are spending slightly less time on the market, with the cumulative days on market until sale decreasing by 3.4% from 29 days in 2022 to 28 days in 2023. Sellers are still receiving a reasonable 98.3% of the original list price.

New Listings

In contrast to single-family properties, new listings for condominiums increased by 4.5%, with 92 new listings in 2023 compared to 88 in 2022. This suggests that more condominium owners are considering listing their properties.

The Takeaway

The Cape Cod real estate market in September 2023 exhibits interesting dynamics. While single-family properties are experiencing a decline in closed sales and an increase in median sales prices, the condominium market is showing decreases in both pending and closed sales, as well as a lower median sales price.

These market trends may be influenced by a variety of factors, including seasonal fluctuations, changes in buyer preferences, and economic conditions. However, Cape Cod’s enduring appeal remains evident, as evidenced by the strong median sales prices in the single-family property market. Buyers and sellers should keep an eye on these trends, as the Cape Cod real estate market continues to evolve.

As always, it’s essential to consult with a local real estate expert who can provide personalized insights and guidance based on your specific circumstances. Whether you’re looking to buy or sell on Cape Cod, the beauty of this coastal haven remains, and with the right approach, you can navigate the market successfully.

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