As the autumn leaves fall on the shores of Cape Cod, the local real estate market has experienced its own seasonal shifts. October 2023 brings a mixed bag of statistics, revealing both challenges and opportunities for homebuyers and sellers alike. Let’s dive into the key metrics for single-family and condominium properties, dissecting the numbers that shape the current state of the Cape Cod real estate market.
Pending Sales and Closed Sales: A Tug of War
In October 2023, the number of pending sales for single-family properties decreased by 4.9%, indicating a slight cooling off compared to the same period in 2022. However, closed sales bucked the trend with a 6.8% increase, reaching 267 homes. Despite this surge in closed transactions, the year-over-year data reveals an 18.5% decrease in the overall closed sales volume.
Median Sales Price: Climbing the Dunes
The median sales price for single-family properties has risen by an impressive 12.4%, soaring from $721,500 in 2022 to $811,000 in 2023. This uptick in prices may pose challenges for prospective buyers but presents a lucrative landscape for sellers.
Inventory and Months Supply: A Seller’s Market Persists
The inventory of homes for sale dipped by 6.9%, with 591 properties available in October 2023. The months supply of inventory increased by 8.3%, pointing towards a potential easing of the intense seller’s market observed in recent years. However, the overall supply remains limited, emphasizing the continued demand for Cape Cod real estate.
Days on Market and List Price: Navigating Stormy Seas
The cumulative days on market until sale increased by 13.3%, indicating a slightly longer wait for sellers to secure a deal. Additionally, the percent of the original list price received saw a 3.3% decline, emphasizing a more negotiated market.
New Listings: A Silver Lining
Amidst the market fluctuations, new listings for single-family properties increased by 3.3%. This surge in fresh inventory may provide relief for buyers in search of their dream Cape Cod home.
Resilience in Condo Market Metrics
The condominium market presents a mixed picture in October 2023, with subtle shifts in key metrics.
Pending Sales and Closed Sales: A Stable Scenario
The number of pending sales increased by a marginal 1.4%, while closed sales remained steady, showcasing resilience in the condominium market. However, the year-over-year data indicates an 18.7% decrease in closed sales, mirroring the trend in the single-family sector.
Median Sales Price: A Gentle Rise
The median sales price for condominiums increased by 2.1%, reaching $485,000 in 2023. This moderate rise may attract buyers looking for more affordable options compared to single-family homes.
Inventory and Months Supply: Balancing Act
Condo inventory experienced a slight uptick of 1.9%, with 159 properties available in October 2023. The months supply of inventory increased by 23.8%, indicating a potential shift towards a more balanced market.
Days on Market and List Price: Navigating Waves
The cumulative days on market until sale increased by 8.8%, and the percent of the original list price received saw a modest 2.8% decrease. These numbers suggest a market where buyers have a bit more negotiating power.
New Listings: An Ebb and Flow
New listings for condominiums increased by 10.5%, providing a breath of fresh air for prospective buyers in this segment.
As we navigate the waves of change in the Cape Cod real estate market, October 2023 presents a dynamic landscape with opportunities and challenges for both buyers and sellers. The rise in median sales prices, coupled with changes in inventory and market dynamics, underscores the need for a strategic approach in this ever-evolving market. Whether you’re a buyer searching for the perfect seaside retreat or a seller looking to make a splash, partnering with a knowledgeable real estate professional can help you navigate the currents and make the most of the current market conditions on beautiful Cape Cod.