The Cape Cod real estate market remains crazy. Median price continues to climb and metrics such as inventory and new listings remain low. Don't be deceived by the bump in inventory between March and April either. True enough there were 324 single family homes for sale at the end of April; however, fewer than 100 of those were on the market for less than $739,000. The only foreseeable consequence to inventory so low is continued upward pressure on sales prices.
We are keeping a sharp eye on larger market trends though. The economy barrels towards bear territory, mortgage rates are ticking up (5.125% for 30 fixed at the time of writing) and The Fed is likely to continue its interest rate hikes. Each of these factors makes money more expensive to access and may make cash investors more cautious moving forward. Then again, it may push investors even deeper into real estate because of its safety compared to the current market volatility.
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||$618k||$651k||$725k|
|Avg Days on Market||36||36||37|
|Avg % of Original Price||100.2%||101.8%||103.1%|