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April 2023 Cape Cod Real Estate Market Update

from Cape Cod's Favorite Real Estate Agents, Nichole Willey & Team

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April 2023 Market Stats for Barnstable County (Video)

"U.S. existing-home sales declined 2.4 percent month-over-month as of last Closed Sales measure, according to the National Association of REALTORS® (NAR), reversing February’s sales gain of 14.5%. Fluctuations in mortgage interest rates have caused buyers to pullback, with pending sales dropping 5.2% month-overmonth. Meanwhile, the median existing-home sales price declined for the second month in a row, falling 0.9% nationally from the same time last year, the largest year-over-year decline since January 2012, according to NAR.

New Listings were down 17.7 percent for single-family homes and 4.9 percent for condominium properties. Closed Sales decreased 13.9 percent for single-family homes and 24.7 percent for condominium properties.

The Median Sales Price was up 4.6 percent to $760,000 for single-family homes and 14.9 percent to $442,500 for condominium properties. Months Supply of Inventory increased 33.3 percent for single-family units and 30.8 percent for condominium units.

Housing inventory remains tight nationwide, with only 980,000 units available for sale heading into April, a 5.4% increase from one year earlier, although the number of homes for sale is down compared to the same period in 2019, prior to the pandemic. The lack of existing inventory continues to impact home sales, and with only 2.6 months’ supply of homes at last measure, competition for available properties remains strong, especially in certain price categories, with multiple offers occurring on about a third of properties, according to NAR."

Information provided by The Cape Cod & Islands Association of REALTORS

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Nichole Willey & Team are your local real estate experts on Cape Cod & the South Shore! Whether you are looking to buy, sell, invest, or rent- we have a team of passionate, local professionals waiting to help make your real estate goals a reality. Contact us today or schedule a 1:1 consultation.

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