Spring Review:
The beginning of the 2024 Cape Cod real estate market is showing some interesting trends. Let's take a closer look at the data through April.
Median Sales Price remains high. April had the second highest median sales price ever, bested only by October in 2023. Despite some bumps, the overall trend over the last 3 years is clear, median sales prices are higher than ever and trending higher. This is tough news on buyers as high sales prices and high mortgage rates (around 6.75%) are pushing many buyers out of the market.
Inventory is increasing, but slowly. April had 642 single-family homes for sale, while the previous 5 were; 2023: 550, 2022: 476, 2021: 594, 2020: 1,985. Clearly we have not returned to pre-pandemic April levels but the slowly increasing supply bodes well for the return of a healthier and more sustainable real estate market on the Cape.
Months Supply of inventory . We've discussed this at length in the past and we encourage you to check out some of our previous market updates --HERE-- for more information on why this is different than inventory. The big picture is this: supply also takes the temperature of the market into account. Presently we see about 2.3 months of inventory which is much higher than the 1 month in April of 2021. This indicates that inventory is actually rebuilding, not just that more houses are on the market.
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.
| Feb | Mar | Apr | |
| Closed Sales | 147 | 201 | 224 |
| Inventory | 445 | 466 | 505 |
| Median Sales Price | $713k | $685k | $795k |
| Avg Days on Market | 47 | 45 | 39 |
| Avg % of Original Price | 98% | 100% | 100% |