September and October Review:
The Cape Cod real estate market was in the thick of the usual fall "boom" with new listings and homes for sale both still elevated from the summer. What does this mean? Let's take a look.
Inventory continues to build. Overall inventory of single family homes is the highest it's been since November 2020. Much of this gain is still above the median sale price. At the end of October, there were 236 homes for sale less than $825k; 521 were for sale for $825k and up. The market would benefit from more inventory at lower prices, but we'll have to see.
Days on Market increases, may not be the full picture. Days on market is up, indicating that buyers are not as frenzied as in 2020 and 2021. We have been seeing this metric tick slowly up over the past few months and breathed sighs of relief. Unfortunately, it appears that several unique properties (that take a long time to sell) are skewing this data and could be falsely indicating a market shift. We'll keep our eyes on this.
Median Sales Price increases, again... October was another record at $825k. Despite drops in median price in both July and August, September and October erased that decrease. The overall trend seems to be holding for now and we expect, despite the occasional blip, that median prices will continue to increase.
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.
| July | Aug | Sept | Oct | |
| Closed Sales | 252 | 269 | 243 | 310 |
| Inventory | 666 | 753 | 777 | 743 |
| Median Sales Price | $800k | $740K | $810k | $825k |
| Avg Days on Market | 34 | 45 | 42 | 51 |
| Avg % of Original Price | 97% | 96% | 96% | 96% |