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March 2024 Local Cape Cod Market Report: A Balance of Growth and Stability 🌊🏡

As the seasonal shift begins to stir Cape Cod from its winter slumber, it’s time to take stock of the real estate landscape on our beloved peninsula. With the spring breeze comes a fresh batch of data, offering insights into how the market has fared over the past year. So let’s dive into the numbers and see what they reveal about the state of affairs in Barnstable County. 📊💼

Single-Family Properties:

Pending and Closed Sales: One of the most promising signs is the significant increase in pending sales, which surged by 29.2% from March 2023 to March 2024. This uptick suggests a healthy demand for single-family homes in the region. However, the number of closed sales dipped slightly by 6.7%, signaling a potential tightening of the market. 📈🏠

Median Sales Price: Interestingly, while the median sales price saw a modest decline of 2.1% year-over-year, there’s a recent uptick of 3.6% from February to March 2024. This fluctuation might indicate a stabilization or even a rebound in property values. 💰📈

Inventory and Supply: Inventory of homes for sale experienced a notable increase of 10.3%, accompanied by a rise in months supply of inventory by 25.0%. These metrics suggest that buyers might have more options to choose from compared to the previous year, potentially contributing to a more balanced market. 🏠📈

Days on Market and List Price Received: The cumulative days on market until sale saw a slight decrease, indicating that properties are spending less time on the market. Moreover, sellers are receiving a higher percentage of their original list price, a positive sign for those looking to sell their homes. ⏳💰

New Listings: The influx of new listings jumped by 18.5% year-over-year, reflecting a healthy level of activity in the market and potentially expanding options for buyers. 🆕🏡

Condominium Properties:

Pending and Closed Sales: Similar to single-family properties, pending sales for condominiums increased by 6.1% year-over-year, suggesting sustained interest in this segment. However, closed sales saw a marginal decline of 2.8%, indicating some stabilization in the market. 📉🏢

Median Sales Price: The median sales price for condominiums experienced a slight decrease of 1.2% year-over-year, maintaining relative stability. 💰🏢

Inventory and Supply: Inventory of condominiums for sale rose by 3.4%, accompanied by a modest increase in months supply of inventory. This could offer buyers more choices and potentially ease competition in the market. 🏢🔍

Days on Market and List Price Received: Interestingly, there was a significant increase in cumulative days on market until sale, coupled with a slight uptick in the percentage of original list price received. This suggests a slightly slower pace in the condominium market, but sellers are still fetching competitive prices. ⏳💰

New Listings: The number of new listings for condominiums saw a healthy increase of 13.2%, signaling continued activity in this segment. 🆕🏢

Conclusion:

Overall, the March 2024 market report for Cape Cod presents a picture of growth and stability. While some metrics indicate a slight cooling in certain areas, such as closed sales and median prices, the market remains robust with increased pending sales and new listings. Moreover, the uptick in inventory could offer buyers more options without compromising seller returns. As we transition into the spring season, it will be intriguing to see how these trends evolve and shape the real estate landscape on our picturesque peninsula. 🌷🏡

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