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Cape Cod Real Estate Market Update February 2023

Cape Cod Market UpdateJanuary Review:

 The Cape Cod housing market showed some interesting changes compared to January 2022 as well as compared to the past few months.  We have been monitoring a few metrics in particular and they showed...

Percent of Original Price continues to decline.  This illustrates that homes are selling for less than the asking price, 6% less than asking price in January.  After years of market frenzy and multiple offers over asking price, this indicator is returning to historical numbers.

Homes are taking more Days on Market to sell.  This metric was up 17% compared to last year and has been creeping up nearly each month since the summer. January saw 41 average days on market which, compared to January of 2020 (91 days) is still quite low, but we are hopeful that the market forces are beginning to correct this metric back into a workable timeframe for buyers. While we have all been feeling a heavily seller favored market recently, a shift back towards sustainability will be better for the long-term health and stability of the Cape Cod real estate market in general.

Median Sales Price may be stabilizing. This metric didn't go up compared to last year and only ticked up modestly since December. Are we seeing the plateau in home prices? Perhaps we are.

    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.

Recent Market Summary

    Oct     Nov     Dec     Jan  
    Closed Sales    246     275     247     172  
   Inventory     609     508     393     320  
   Median Sales Price   $721k     $669k     $650k     $660k  
   Avg Days on Market    31       36     47     41  
   Avg % of Original Price    97.1%     95.9%     94.7%     94%