The Cape Cod real estate market is slowly becoming more predictable, though it is far from what we had been used to. Let's take a look at how the market has been evolving for the past few months. First, median sales price remains at record highs and is steadily increasing. We have seen median sales price increase overall since Feb 2009 when the housing bubble burst so this is not especially surprising and we expect prices to continue to increase, especially with supply chain woes and the overall housing trends in general (i.e. not enough housing!). Average days on market is another area that indicates how hot the market is - and will continue to be. Since the start of the pandemic we have seen a nearly constant decline in this metric, indicating the voracious appetite of buyers to make strong offers early when a house becomes available. Nothing new there. What is interesting is that, by drilling down and looking at median days on market, we see the minimum back in May and June, just after inventory cratered in March and April. In that same timeframe since March, months supply of inventory has increased from 1 to 1.5 months. Each of these things hint that, for now, buyers are competing with each other less. The market seems to have found the bottom of the curve of inventory and days on market and, seasonal variability excluded, we may be entering a new market reality. It is reasonable to assume that the market will remain heavily seller favored for now but buyers may be able to capitalize on more opportunities than existed in March and April.
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||$619k||$626k|
|Avg Days on Market||22||29||23|
|Avg % of Original Price||104%||101%||101%|