The Cape Cod real estate market remains starved for inventory which continues to drive prices up. However there is good news if you are a buyer (and frankly we are a long way off from bad news for sellers). First, homes are spending longer on the market (30 days) than they were at the minimum in June (22 days). Second, the % of asking price received is decreasing (now at 99.8%) from the peak in June (103%). Homes spending longer on the market and receiving slightly lower sales prices indicates the market is not as frenzied as the Spring and Summer months, thus buyers may have a better chance of making a move now. Unfortunately, with prices as high as they are, buyers who waited until now to make offers, may be priced out of their market niche. Affordability remains abysmal and, long term, will influence not just the real estate market but the Cape Cod economy at large.
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||$619k||$626k||$640k|
|Avg Days on Market||29||23||30|
|Avg % of Original Price||101%||101%||99.8%|