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Your February 2023 Cape Cod Real Estate Market Update

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

February 2023 Market Stats for Barnstable County (Video)

"In its continued effort to curb inflation, the Federal Reserve raised its benchmark Closed Sales interest rate in February by a quarter-percentage point to 4.50% - 4.75%, its 8th rate hike since March of last year, when the interest rate was nearly zero. Mortgage interest rates have dipped slightly from their peak last fall, leading pending sales to increase 8.1% month-to-month as of the last measure, but affordability constraints continue to limit homebuyer activity overall, with existing home sales declining for the twelfth consecutive month, according to the National Association of Realtors® (NAR).

New Listings were down 9.9 percent for single-family homes and 11.9 percent for condominium properties. Closed Sales decreased by 12.3 percent for single-family homes and 29.8 percent for condominium properties. The Median Sales Price was up 7.5 percent to $661,000 for single-family homes but was down 18.0 percent to $400,000 for condominium properties. Months Supply of Inventory increased by 50.0 percent for single-family units and 40.0 percent for condominium units.

With buyer demand down from peak levels, home price growth has continued to slow nationwide, although prices remain up from a year ago. Sellers have been increasingly cutting prices and offering sales incentives in an attempt to attract buyers, who have continued to struggle with affordability challenges this winter. The slight decline in mortgage rates earlier this year convinced some buyers to come off the sidelines, but with rates ticking up again in recent weeks, buyers are once again pulling back, causing sales activity to remain down heading into spring."

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.

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