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February 2024 Local Cape Cod Real Estate Market Report: A Snapshot

🏑 The real estate market in Cape Cod for February 2024 reflects a blend of stability and dynamism, characterized by notable shifts in key metrics across single-family and condominium properties. #CapeCodRealEstate #MarketReport

Single-Family Properties

πŸ“ˆ Pending sales for single-family homes surged by 9.6% compared to the previous year, indicating sustained buyer interest. However, closed sales saw a modest decline of 6.4%, suggesting a potential delay in finalizing transactions. Despite this, the median sales price soared by 8.5% to $717,000, reflecting strong demand and competitive pricing. The inventory of homes for sale expanded by 21.6%, offering buyers a broader selection. Properties spent less time on the market, with days decreasing by 23.1% to just 50 days. New listings surged by 28.8%, promising more options for prospective buyers. #SingleFamilyHomes #MarketTrends

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Condominium Properties

πŸ” In the condominium segment, pending sales dipped by 16.4%, while closed sales experienced a notable uptick of 37.1%, indicating variability in buyer behavior. The median sales price increased by 4.4% to $417,500, though there was a slight decrease compared to the previous month. Condo inventory expanded by 13.2%, providing buyers with a wider range of choices. Days on market decreased by 12.3% to 50 days, showcasing market efficiency. New listings increased by 9.4%, enhancing inventory diversity. #CondoMarket #BuyersMarket

Conclusion

πŸ“Š The February 2024 local Cape Cod real estate market report underscores the resilience and dynamism of the region’s housing landscape. While some metrics demonstrate growth and stability, others reveal nuances inherent to a vibrant market. As the year progresses, it will be intriguing to monitor how these trends continue to shape and redefine the Cape Cod real estate market. #RealEstateTrends #CapeCodLiving

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