July Review:
The Cape Cod real estate market remains heavily seller favored with low inventory, high prices and quick sales. However, as we noted last month, the furious buyer demand seems somewhat tempered.
When we look at not only inventory, but also months supply of inventory, we see number of homes in the market is increasing and sales are slowing down, as evidenced by fewer closed and pending sales.
While these buyer favored trends are appearing, they are completely drowned by the incredibly high prices and low inventory. Larger forces in the economy such as increased mortgage rates (5.375% at the time of writing) and ongoing inflation are also taking many buyers out of the housing market. One other factor demonstrating that many buyers are backing away from home purchases is rising rental rates. It has been a challenge to find an affordable rental on the Cape for years and the rental market is now even more squeezed with potential homebuyers finding themselves in the rental market until housing becomes more affordable.
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.
| May | June | July | |
| Closed Sales | 296 | 324 | 286 |
| Inventory | 428 | 504 | 558 |
| Median Sales Price | $749k | $711k | $686k |
| Avg Days on Market | 28 | 17 | 24 |
| Avg % of Original Price | 104.4% | 104.2% | 101.9% |