October 2023 Cape Cod Real Estate Market Update
from Cape Cod's Favorite Real Estate Pros, Nichole Willey & Team
September 2023 Market Stats for Barnstable County (Video)
"National sales of existing homes recently fell to a 7-month low, as surging borrowing costs, rising sales prices, and limited inventory continue to keep many would-be buyers out of the market. Borrowers have become increasingly sensitive to fluctuations in mortgage rates, which have remained above 7% since mid-August. With fewer buyers able to afford the costs of homeownership, existing-home sales declined 0.7% month-over-month and were down 15.3% year-over-year, according to the National Association of REALTORS®(NAR).
New Listings were down 11.1 percent for single-family homes but were up 4.5 percent for condominium properties. Closed Sales decreased 33.8 percent for single-family homes and 20.0 percent for condominium properties.
The Median Sales Price was up 17.8 percent to $795,000 for single-family homes but was down 16.1 percent to $457,500 for condominium properties. Months Supply of Inventory increased 8.7 percent for single-family units and 15.0 percent for condominium units.
Prices have continued to increase this fall despite softening home sales nationwide, as a lack of inventory has kept the market competitive for prospective buyers, sparking bidding wars and causing homes to sell for above asking price in some areas. Heading into September there were only 1.1 million units available for sale, 0.9% fewer than a month ago and 14.1% fewer than the same period last year, according to NAR. As a result, the U.S. median existing-home sales price rose 3.9% year-over-year to $407,100, marking the third consecutive month that the median sales price topped $400,000."
Information provided by The Cape Cod & Islands Association of REALTORS
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