May 2023 Cape Cod Real Estate Market Update
from Cape Cod's Favorite Real Estate Pros, Nichole Willey & Team
May 2023 Market Stats for Barnstable County (Video)
"Existing-home sales slid for the second consecutive month, falling 3.4% Closed Sales nationwide as of last measure, according to the National Association of REALTORS® (NAR), as higher interest rates continue to impact buyer affordability. Sales are down 23% compared to the same period a year ago, while contract signings dropped 20.3% year-over-year.
With sales cooling, buyers in some parts of the country have found relief in the form of declining sales prices, which are down 1.7% year-over-year nationally, although more affordable markets continue to see price gains. New Listings were down 25.7 percent for single-family homes and 11.9 percent for condominium properties.
Closed Sales decreased 17% for single-family homes and 17% for condominium properties. The Median Sales Price was down 6.5 percent to $700,000 for single-family homes but was up 12.7 percent to $480,000 for condominium properties. Months Supply of Inventory increased 26.7 percent for single-family units and 54.5 percent for condominium units.
While fluctuating interest rates have pushed some buyers to the sidelines, a shortage of inventory is also to blame for lower-than-average home sales this time of year, as current homeowners, many of whom locked in mortgage rates several percentage points below today’s current rates, are delaying the decision to sell until market conditions improve. With only 2.9 months’ supply heading into May, available homes are moving fast, with the typical home spending just over three weeks on the market, according to NAR."
Information provided by The Cape Cod & Islands Association of REALTORS
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