Your March 2023 Cape Cod Real Estate Market Update
from Cape Cod's Favorite Real Estate Agents, Nichole Willey & Team
March 2023 Market Stats for Barnstable County (Video)
"Nationally, existing home sales jumped 14.5% month-over-month as of last Closed Sales measure, the first monthly gain in 12 months, and representing the largest monthly increase since July 2020, according to the National Association of REALTORS® (NAR). The sudden uptick in sales activity stems from contracts signed toward the beginning of the year, when mortgage rates dipped to the low 6% range, causing a surge in homebuyer activity. Pending sales have continued to improve heading into spring , increasing for the third consecutive month, according to NAR.
New Listings were down 19.4 percent for single-family homes and 23.8 percent for condominium properties. Closed Sales decreased 8.3 percent for singlefamily homes and 25.3 percent for condominium properties.
The Median Sales Price was up 7.7 percent to $700,000 for single-family homes but was down 0.6 percent to $427,300 for condominium properties. Months Supply of Inventory increased 40.0 percent for single-family units and 41.7 percent for condominium units.
Monthly sales might have been even higher if not for limited inventory nationwide. At the current sales pace, there were just 2.6 months’ supply of existing homes at the beginning of March, far below the 4 – 6 months’ supply of a balanced market. Inventory remains suppressed in part because of mortgage interest rates, which nearly hit 7% before falling again in recent weeks. Higher rates have continued to put downward pressure on sales prices, and for the first time in more than a decade, national home prices were lower year-over-year, according to NAR, breaking a 131-month streak of annual price increases."
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.