As we dive into the real estate trends for Barnstable County in May 2024, the local market continues to demonstrate dynamic shifts. Both single-family and condominium properties are seeing significant changes, driven by a mix of rising prices, increased inventory, and fluctuating sales metrics. Here’s a detailed look at the current landscape.
Single-Family Homes: Growth Amidst Rising Inventory 🏠
Pending Sales and Closed Sales The single-family home market in Barnstable County is experiencing a notable uptick. Pending sales have increased by 11.3%, from 265 in May 2023 to 295 in May 2024. Year-to-date figures also show a 7.6% rise, from 1,099 to 1,182. Closed sales have seen an even more impressive growth, with a 15.1% increase from 251 to 289, and a modest year-to-date rise of 1.0%, from 1,003 to 1,013.
Prices and Inventory The median sales price for single-family homes has risen by 9.9%, reaching $769,000 compared to $700,000 last year. Year-to-date, the median price also shows a 5.2% increase, from $699,000 to $735,000. This price surge is accompanied by a significant increase in the inventory of homes for sale, which has grown by 31.0%, from 491 to 643 homes. Consequently, the months supply of inventory has also expanded by 45.0%, from 2.0 to 2.9 months.
Market Dynamics Homes are taking longer to sell, with cumulative days on market until sale increasing by 70.4%, from 27 days to 46 days. Year-to-date, this metric shows a 6.8% rise, from 44 to 47 days. Despite this, sellers are still receiving close to their asking price, with the percent of original list price received at 98.6%, slightly down by 1.2% from last year. New listings have surged by 26.2%, from 359 to 453, and year-to-date, new listings are up by 22.2%, from 1,286 to 1,572.
Condominium Market: Stability with Subtle Shifts 🏢
Pending Sales and Closed Sales The condominium market shows a mixed bag of activity. Pending sales have increased by 9.7%, from 72 to 79, while year-to-date figures indicate a slight decrease of 2.2%, from 315 to 308. Closed sales have dipped by 2.7%, from 74 to 72, and year-to-date figures reflect a 3.9% decrease, from 281 to 270.
Prices and Inventory The median sales price for condominiums has increased by 8.1%, from $485,575 to $525,000. Year-to-date, the median price has risen by 6.2%, from $442,500 to $470,000. Inventory for sale has seen a substantial increase of 42.0%, from 119 to 169 homes, with months supply of inventory growing by 47.4%, from 1.9 to 2.8 months.
Market Dynamics The time to sell condominiums has lengthened, with cumulative days on market until sale increasing by 40.0%, from 35 days to 49 days. Year-to-date, this metric is up by 19.0%, from 42 to 50 days. The percent of original list price received has slightly declined by 0.7%, from 98.6% to 97.9%. New listings have seen a dramatic increase of 64.9%, from 74 to 122, and year-to-date figures are up by 21.8%, from 335 to 408.
Key Takeaways 📊
- Market Resilience: Both single-family homes and condominiums in Barnstable County show resilience with rising prices and increased inventory, indicating a robust market despite longer selling times.
- Seller’s Market: The increase in median sales prices and inventory, coupled with the high percentage of original list prices received, suggests that it remains a seller’s market, though buyers are seeing more options and slightly longer market times.
- Future Outlook: With new listings surging, potential buyers have more choices, which could balance the market dynamics further. Sellers might need to adjust expectations on timeframes but can still anticipate strong returns close to their asking prices.
Stay tuned for more updates and insights as we continue to monitor the evolving real estate market in Barnstable County. Whether you’re looking to buy, sell, or simply stay informed, understanding these trends is crucial for making well-informed decisions. 🌟