Summer 2023 Cape Cod Real Estate Market Update
Updated: Aug 30
from Cape Cod's Favorite Real Estate Pros, Nichole Willey & Team
June 2023 Market Stats for Barnstable County (Video)
"Temperatures are heating up, yet the U.S. housing market remains cooler than Closed Sales usual for this time of year due to a combination of low inventory and higher borrowing costs, which have restricted market activity going into the summer homebuying season. According to the latest data from the National Association of REALTORS® (NAR), national existing-home sales climbed 0.2% from the previous month but were down 20.4% compared to the same time last year, as fluctuating mortgage rates and a near all-time low level of inventory continue to influence home sales.
New Listings were down 33.9 percent for single-family homes and 42.4 percent for condominium properties. Closed Sales decreased 18.8 percent for singlefamily homes and 21.6 percent for condominium properties.
The Median Sales Price was up 3.6 percent to $735,000 for single-family homes and 6.5 percent to $449,900 for condominium properties. Months Supply of Inventory increased 5.6 percent for single-family units and 33.3 percent for condominium units.
Nationwide, total housing inventory increased 3.8% from the previous month, for a 3-month’s supply at the current sales pace. The shortage of homes for sale has kept prices high for remaining buyers, with a national median sales price of $396,100 as of last measure, a 3.1% decline from the same time last year and the largest annual decrease since December 2011, according to NAR. As demand continues to outpace supply, properties are selling quickly, with the majority of homes listed for sale on the market for less than a month."
July 2023 Market Stats for Barnstable County (Video)
"Affordability constraints have continued to limit homebuying activity this summer, Closed Sales with existing-home sales falling 3.3% month-over-month nationwide as of last measure, according to the National Association of REALTORS® (NAR). Mortgage rates have approached 7% in recent months, leading many prospective buyers to put their home purchase plans temporarily on hold. But higher rates have also kept many existing homeowners from listing their homes for fear of giving up the low-rate mortgages they locked in a few years ago, when rates were significantly lower.
New Listings were down 29.2 percent for single-family homes and 7.5 percent for condominium properties. Closed Sales decreased 26.8 percent for single-family homes and 17.5 percent for condominium properties. The Median Sales Price was up 9.9 percent to $752,500 for single-family homes and 1.4 percent to $507,000 for condominium properties.
Months Supply of Inventory remained flat for single-family units but increased 12.5 percent for condominium units.
Despite a drop in existing-home sales, home prices have remained near record highs, with a national median sales price of $410,200 as of last measure, 0.9% below the all-time high of $413,800 recorded in June 2022, according to NAR. With only 3.1 months’ supply heading into July, the lack of inventory has boosted competition among buyers and put upward pressure on sales prices, especially in more affordable markets, where competition for homes remains particularly strong."
Information provided by The Cape Cod & Islands Association of REALTORS
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.