The Cape Cod real estate market continues to languish in abysmally low inventory levels. For comparison, the number of homes for sale in March in Barnstable county in the years before the pandemic were; 2017 : 2,412 --- 2018 : 1,971 --- 2019 : 2,288 --- 2020 : 1,996.
The inventory in March (and at the time of writing) was 274 homes, an order of magnitude fewer homes than what was an already low inventory market in 2017-2020. As long as inventory remains this low, it will be the main driving force behind high prices and a challenging market for buyers.
Median price is up from February but negligibly up from March last year. Percent of original price is also only marginally up. If both of these indicators remain stable it bodes well for buyers trying to determine offer prices and may indicate the market starting to cool. However, until we see this trend continue for many months we won't count on it.
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||$660k||$618k||$651k|
|Avg Days on Market||34||36||36|
|Avg % of Original Price||99.3%||100.2%||101.8%|