Compared to this time last year median price and inventory are both up. However Inventory compared to May is a small gain of only 25 homes. It looks like the market entered the summer slow-down a bit earlier this year (usually it hits in July) with closed sales and new listings both down in June. Apparently sellers were already getting ready for the beach last month. The ever growing point of concern, not only on the Cape but nationally as well, is the affordability and availability of homes. The Realtor professional publication states that the inventory shortage has reached 2.5 million homes. Through normal economic interactions, such a severe deficit in available housing will continue to drive prices up as well as affect the rental markets (see California and New York's new rent control regulations). The Realtor article features a few solutions and while none are new they will all be important to relieving the housing shortage. Read more about ADUs, Opportunity Zones and more here.
|Median Sales Price||$425K||$427K||$450K|
|Avg Days on Market||120||101||106|
|Avg % of Original Price||94%||95%||95%|