Happy New Year!
December closed out 2022 with few surprises in the Cape Cod Real Estate Market. Here are a few relevant points.
Percent of Original Price is on the decline. For context, this metric is the first asking price at which a seller markets their home and it has been declining since May. This indicates that sellers are overpricing their homes and reducing the asking price before they find a buyer. Additionally...
Homes are taking more Days on Market to sell. This indicates that buyer activity is low and not as frenzied as six months ago. June of 2022 saw the bottom with homes taking 17 days to sell. December 2022, homes took 47 days. However, this is still quite low compared to December 2019 when homes took an average of 92 days to sell.
Median Sales Price is not increasing. This metric didn't go up compared to last year and it has been declining since October. This could indicate a plateau in home prices has been reached and a correction in prices is on the horizon. However, the normal seasonal slowdown is in effect and we don't yet have enough data to determine if this is a return to normalcy, or something else.
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||$721k||$669k||$650k|
|Avg Days on Market||31||36||47|
|Avg % of Original Price||97.1%||95.9%||94.7%|