August saw the continued increase in single family home inventory; however because of the high amount of buyer activity, the added number of homes for sale was not enough to improve the months supply of inventory (which is now at 1.4 months). The short story, low inventory continues to drive the real estate market on Cape Cod. Tracking other metrics, we saw median sales price remain high, though not as high as the peak of $654k back in March. "Days on Market" increased slightly from the low in June and "% of asking price received" has been decreasing since May; both of these indicate that the craziness of the market may be behind us. We can continue to expect higher prices and low inventory for some time, heavily favoring sellers.
Whichever seat you are in, whether buying, selling or vacation renting, the professionals at Chatelain Real Estate are here to give you the expert advice you will need to make your transaction a success. For more market data check out our blog category Real Estate Trends. You can also give us a call any time - we look forward to hearing from you.
|Median Sales Price||$600k||$600k||$619k|
|Avg Days on Market||23||22||29|
|Avg % of Original Price||104%||104%||101%|