As we transition into the fall season, the Cape Cod real estate market continues to show dynamic changes. Whether you’re buying or selling, here’s your snapshot of what’s happening in Barnstable County’s single-family and condominium markets. 📈🌊
Single-Family Properties Overview 🏠
Key Highlights:
- Pending Sales: Up 17.1% from 258 in 2023 to 302 in 2024 📈. Year-to-date, we’ve seen a rise of 7.6%.
- Closed Sales: Increased by 8.0%, from 225 to 243 📅, with a yearly growth of 4.7%.
- Median Sales Price: Now at $810,000, a 2.0% increase from last year 💰. The year-to-date median is up 5.7% to $755,500.
- Inventory of Homes for Sale: A significant boost of 30.2%, reaching 777 homes available 🏘️.
- Months Supply of Inventory: Up 25.9%, sitting at 3.4 months, indicating a more balanced market.
- Cumulative Days on Market Until Sale: Increased by 50.0% to 42 days, suggesting buyers have more time to make decisions ⏳.
- Percent of Original List Price Received: Slightly down by 2.1%, with sellers receiving an average of 96.1% of their asking price.
- New Listings: Rose by 11.2%, with 376 new properties hitting the market 📋.
What This Means for You:
The increased inventory and days on market suggest more options and opportunities for buyers, while the steady price growth indicates continued market confidence. Sellers might need to be more strategic with pricing to stay competitive. 💡
Condominium Properties Overview 🏢
Key Highlights:
- Pending Sales: Slight rise of 6.3%, from 64 in 2023 to 68 in 2024 📈. However, year-to-date figures show a slight decline of 1.9%.
- Closed Sales: Decreased by 14.5%, from 76 to 65, with a yearly drop of 3.6%.
- Median Sales Price: A robust increase of 13.7% to $520,000 💵. Year-to-date, the median price is up 5.9% to $490,000.
- Inventory of Homes for Sale: Up by a whopping 42.5%, with 218 condos available 🏙️.
- Months Supply of Inventory: Increased by 44.0%, now at 3.6 months.
- Cumulative Days on Market Until Sale: Jumped by 112.0%, now taking 53 days on average to sell.
- Percent of Original List Price Received: Dropped by 2.7%, with sellers receiving 95.6% of their asking price.
- New Listings: Stable with no change, maintaining 94 new listings.
What This Means for You:
The condominium market is seeing slower sales but a noticeable rise in prices and inventory. Buyers have more choices and possibly more negotiating power, while sellers need to focus on competitive pricing and presentation to attract attention. 🛠️📦
Market Trends to Watch 🔍
- Rising Inventory Levels: Both single-family homes and condos have seen a significant increase in the number of properties for sale, giving buyers more options to choose from.
- Longer Days on Market: Homes are taking longer to sell, suggesting a shift towards a more balanced market where buyers have time to consider their options.
- Slight Decline in List Price Received: Sellers may need to adjust their expectations slightly as buyers are becoming more price-sensitive.
Final Thoughts 💭
The Cape Cod real estate market remains active, with opportunities for both buyers and sellers. Whether you’re looking to find your dream home or considering selling, staying informed is key to making the right move. If you need help navigating the market, don’t hesitate to reach out! 🤝
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