As the first half of 2024 comes to a close, the Cape Cod real estate market shows significant activity and trends worth noting for both single-family and condominium properties. Here’s a detailed look at the key metrics that are shaping the local market this year.
Single-Family Properties 🏡
Pending Sales and Closed Sales: The number of pending sales for single-family homes in June 2024 saw a 6.3% increase compared to last year, rising from 253 to 269. This upward trend is also reflected in the year-to-date figures, with pending sales climbing by 6.2% from 1,352 to 1,436. However, closed sales for the month dipped by 5.4%, from 276 in 2023 to 261 in 2024. Despite this monthly decline, the year-to-date closed sales remained stable, with a marginal increase from 1,279 to 1,280.
Median Sales Price: The median sales price for single-family homes in June 2024 experienced a notable increase of 11.6%, jumping from $734,000 in 2023 to $819,000. On a year-to-date basis, the median sales price saw a 7.1% rise, from $700,000 to $750,000. 💰
Inventory and Supply: The inventory of homes for sale surged by 39.5%, from 489 units in June 2023 to 682 units in June 2024. This increase in inventory has extended the months’ supply from 2.1 to 3.0, a significant 42.9% rise, indicating a more balanced market compared to last year’s tighter conditions.
Market Dynamics: The cumulative days on market until sale increased by 24.2% in June 2024, from 33 to 41 days, suggesting homes are taking longer to sell. Similarly, the year-to-date cumulative days on market saw a 12.2% increase, from 41 to 46 days. The percent of original list price received slightly decreased from 99.9% to 98.5% in June 2024, reflecting a 1.4% decline, with the year-to-date figure showing a marginal dip of 0.1%, from 97.6% to 97.5%. 📉
New Listings: New listings for single-family homes increased by 12.1% in June 2024, from 297 to 333. Year-to-date, new listings also rose significantly by 20.5%, from 1,583 to 1,907, indicating a more active market with more options available for buyers. 📈
Condominium Properties 🏘️
Pending Sales and Closed Sales: Pending sales for condominiums showed a robust increase of 17.6%, from 51 in June 2023 to 60 in June 2024. The year-to-date pending sales remained steady at 366. Closed sales also increased by 11.6% in June, from 69 to 77, although the year-to-date figure saw a slight decrease of 0.9%, from 350 to 347.
Median Sales Price: The median sales price for condominiums jumped by 17.1% in June 2024, from $449,900 to $527,000. Year-to-date, the median sales price rose by 6.5%, from $445,000 to $474,000. 💵
Inventory and Supply: The inventory of condominiums for sale increased by 44.7%, from 132 units in June 2023 to 191 units in June 2024. The months’ supply of inventory also rose by 40.9%, from 2.2 to 3.1, indicating a shift towards a more balanced market.
Market Dynamics: The cumulative days on market until sale for condominiums increased significantly by 50%, from 28 days in June 2023 to 42 days in June 2024. The year-to-date cumulative days on market also rose by 23.1%, from 39 to 48 days. Interestingly, the percent of original list price received increased by 0.3% in June 2024, from 98.9% to 99.2%, and by 0.2% year-to-date, from 97.7% to 97.9%, indicating strong buyer interest and competitive pricing. 📊
New Listings: New listings for condominiums surged by 38.2%, from 68 in June 2023 to 94 in June 2024. Year-to-date, new listings increased by 24.3%, from 403 to 501, reflecting a growing inventory and more choices for buyers. 📋
Conclusion
The Cape Cod real estate market in June 2024 is characterized by increased inventory, rising prices, and a slight lengthening of time on the market for both single-family homes and condominiums. While the market remains competitive, the higher inventory levels and increased new listings provide more opportunities for buyers. The trends indicate a shift towards a more balanced market, with healthy activity across both property types. As we move into the second half of the year, these dynamics will be essential to watch for anyone interested in the Cape Cod real estate market. 🌟