March Review:
According to the National Association of Realtors, sales are increasing across the country as the spring market heats up. However limited inventory continues to be a significant factor in the market. Is the Cape any different? Let's take a look.
Median sales price continues to climb. March saw single family home sales prices increase 6% month-over-month and 8% year-over-year. While this isn't the highest we have seen (which was May 2022), it is the highest since October and could indicate more record high sales prices are coming.
Inventory ticked up slightly, but it isn't enough. Low inventory remains a main driver of the market. March ended with only 360 single family homes for sale in all of Barnstable County, an exceptionally low number. At the time of writing when we expect more houses to be coming on the market in the Spring, the number is only 390. This imbalance continues to drive prices up and affordability down across Cape Cod.
Days on Market is trending upwards. Houses are taking longer to sell. The past two months saw the longest days on Market since early in 2021 and we may see this trend continue as many buyers are dropping out of the market until their financial situations improve.
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.
| Jan | Feb | Mar | |
| Closed Sales | 172 | 157 | 210 |
| Inventory | 320 | 303 | 360 |
| Median Sales Price | $660k | $661k | $700k |
| Avg Days on Market | 41 | 65 | 55 |
| Avg % of Original Price | 94% | 94% | 96% |