The Cape Cod real estate market is bustling as we head into the holiday season! Whether you’re a buyer, seller, or just keeping tabs on the market, November’s numbers paint an exciting picture. Let’s break it down!
📊 Single-Family Homes
The single-family home market in Barnstable County is seeing positive momentum, with notable increases in sales and inventory:
✔️ Pending Sales: Up 15.4% (202 vs. 175) compared to November 2023 and up 10.1% year-to-date. Buyers are actively pursuing Cape Cod homes!
✔️ Closed Sales: Rose by 14.9% (262 vs. 228) compared to last November and 5.8% for the year.
✔️ Median Sales Price: Down 4.3% to $739,000 this month, but the year-to-date median climbed 4.6% to $763,500. Good news for buyers looking to invest now!
✔️ Inventory: Grew by 8.3% to 623 homes, holding steady at 2.6 months of supply.
✔️ Days on Market: Increased 29% to 40 days, giving buyers a bit more breathing room.
📉 Sellers Take Note: The percent of original list price received dipped slightly to 95.7% this month, down 1.4%. Pricing competitively is key!
🏘️ Condominiums
The condo market is seeing mixed results, with exciting gains in new listings and pending sales:
✔️ Pending Sales: Skyrocketed by 62.9% (57 vs. 35), showing increased buyer interest.
✔️ Closed Sales: Held steady with a slight 1.4% dip (69 vs. 70). Year-to-date, closed sales are down 3.0%, but the market remains resilient.
✔️ Median Sales Price: Up 2.8% to $545,000 this month, with a year-to-date jump of 8.4% to $515,000—great news for condo sellers!
✔️ Inventory: Expanded by 23.3% to 185 units, boosting supply to 3 months (+20%).
✔️ Days on Market: Jumped 154.2% to 61 days compared to last year, reflecting a slower pace in this segment.
📈 Bright Spot: New condo listings soared 42.6%, bringing fresh opportunities for buyers!
💡 Market Insights
- Buyers: With increasing inventory and more days on market, there’s more time to make decisions and explore options. Plus, single-family prices dipping this month may present timely opportunities.
- Sellers: Pricing competitively remains crucial. While the market is active, buyers are negotiating more, as seen in the slight decrease in the percent of list price received.
🔑 Key Takeaways
🏠 Single-family homes are still in high demand, but condo buyers are stepping up big time!
📈 Inventory is growing across the board, offering more options for buyers heading into 2025.
⏱️ Homes are taking longer to sell, signaling a more balanced market.
Have questions about what this means for you? Contact us today to explore your real estate opportunities! 🌟