January Review:
The Cape Cod real estate market began 2024 with some improvements over last year, but will they be enough to correct the deplorable dearth of inventory and the horrendously high prices? Let's take a closer look.
Inventory remains low, but may be improving. We are hopeful that year-over-year inventory is showing a gain for the first time in a while. This trend of losing inventory compared to the previous year had essentially been continuous since May of 2023. In general, the winter of 2021-2022 saw the lowest inventory on record, then we experienced some gains throughout 2022, but those were annihilated in 2023 again. We'll keep an eye on this.
Condos, a harbinger? In the past, the condominium market can show early indications of the larger single-family market on the Cape. For example, condos will drop in price before homes will. Interestingly, condo prices have been fairly stable for the past 9 months. In fact, we did a three month rolling average on condo median price for the last year and, since July 2023, these haven't changed by more than about 4%. Compare this to single family homes which had a 9% swing over the same period. Could condos be signaling that prices in the single family market may start to normalize?
Months Supply, a quick dip. Hey! Don't call me a dip! After the tome I wrote about this last week, I'll be brief. Month's supply of inventory was at 1.8%, which was up 29% from the previous year! As a reality check; a small change in a small number can result in a big percent difference. January 2023 supply was at 1.4%, so it isn't time to get the champagne out quite yet.
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.
| Oct | Nov | Dec | Jan | |
| Closed Sales | 267 | 224 | 195 | 152 |
| Inventory | 591 | 535 | 400 | 389 |
| Median Sales Price | $811k | $773k | $730k | $703k |
| Avg Days on Market | 34 | 31 | 45 | 44 |
| Avg % of Original Price | 97% | 97% | 96% | 94% |