The Cape Cod real estate market continues to show resilience and steady activity, with notable differences between the single-family and condominium sectors. Below is a look at how the market performed in October, based on key metrics from the Cape Cod & Islands Association of REALTORS®.
Single-Family Home Sales Remain Active
Single-family closed sales increased 12.1% in October, with 314 recorded this year compared to 280 last year. Pending sales showed a slight decrease of 3.0%, suggesting activity remains strong but competitive. The median sales price rose 2.3% to $844,000, pointing to continued buyer demand for single-family homes.
Inventory is Tight but Steady
The inventory of homes for sale declined slightly by 3.0%, and the months supply of inventory remained at 3.3, indicating a continued moderately competitive market. Homes took longer to sell, with cumulative days on market rising from 51 to 58 days. This suggests buyers may be taking more time to make decisions, even as demand remains steady.
Pricing Remains Strong Despite Slight List Price Negotiation
Sellers on Cape Cod received 95.4% of original list price on average, down slightly from 96.3%. While buyers may feel they have slightly more room for negotiation than last year, pricing remains historically strong.
Condo Market Sees Growth in Sales but More Inventory
The condominium market experienced an 18.3% increase in closed sales, rising from 71 to 84. Pending sales were also up 6.3%, showing healthy buyer activity.
At the same time, condo inventory increased by 24.2%, and months supply rose from 3.6 to 4.1, giving buyers more options compared to the single-family sector. Despite this, the median sales price for condos dipped slightly by 3.3% to $580,000.
Homes Are Taking Longer to Sell Across Both Property Types
For both single-family homes and condos, days on market increased. Condos saw one of the biggest jumps, from 51 days to 64 days, which aligns with increased inventory and more buyer choice.
What This Means for Buyers & Sellers
Sellers:
- Pricing remains strong, especially for single-family homes.
- However, allow for slightly longer marketing time before receiving offers.
Buyers:
- There are more opportunities in the condo market, where inventory has grown.
- Expect competitive pricing in the single-family market, though negotiation room has increased slightly.
Cape Cod continues to show a balanced yet competitive market environment, offering pathways for both buyers and sellers to achieve their goals.