The Cape Cod real estate market continues the trend of low inventory, high prices, and favoring sellers. While inventory is up from the low last winter, it is still on par with 2021, meaning we haven't seriously started to improve this aspect of the market by increasing the number of homes for sale. Additionally, new listings are down nearly 20% compared to last year so we don't anticipate this low inventory changing in the near term.
Larger economic forces remain a significant factor in the local real estate market. At the time of writing, 30 year conventional mortgage rates are 6.75%, the September inflation rate was 8.2% and construction and repair costs are squeezing many buyers out of potential purchases. As we move into the holiday season we anticipate the seasonal drop in inventory and market activity, which will put further pressure on buyers trying to purchase homes.
Even though inventory and prices indicate a challenging situation for buyers, we are keeping an eye on metrics like Days on Market and % of Original Price Received, as these may indicate a shift earlier than other indicators.
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||$686k||$700k||$675k|
|Avg Days on Market||24||23||25|
|Avg % of Original Price||101.9%||99.6%||97.9%|