Cape Cod by the Numbers

It doesn’t seem possible that we are half way through what we once were calling the “New Year.” So, this is a good time to assess the status of the Cape Cod housing market.

The median sales price for a single family home for Cape Cod/Barnstable County year-to-date (YTD) is $700,500.00. That’s just 1.5% over where we were at the end of June last year. ($690,000.00).

What’s important to note is that median sales price for the month just ended is $735,000.00.

Closed sales lag behind last year (1,281 vs. 1,540). Cumulative days on market before sale is 43, as opposed to 31 for the same period last year. Percent of original list price received was 102.3% for the first six months of 2022. It’s 97.6% the for the same period this year.

This suggests that buyers are being a bit more discreet. The panic that we saw a few years ago has pretty much disappeared., hence longer time on market. (But still faster than the usual four-six months that was common place pre-pandemic.) Buyers also seem to be less willing to pay what they think are inflated prices, resulting in the overall percentage of list received dropping.

Anecdotally, the bidding wars that dominated the market not that long ago are fewer. And the amounts that buyers are willing to pay over list price are generally much smaller.

The benficiary of the tight single family home market has been condominiiums.

Median sales prices for condos at the end of the first six months of this year is $445,000.00. That’s a 6% increase over the same time period in 2022. ($420,000.00)

It’s important to note that the median sales price for the month just ended was $449,500.00.

Closed sales also lag behind last year at the end of the first six months. (350 vs. 457). Days on market before sale is up slightly, 39 vs. 37. Percentage of list price received is 97.6% YTD, as opposed to 102% last year.

This suggests that condominium buyers are also exercising a bit more discretion than they did a year ago.

As with single family homes, some condos sellers are also over pricing their properties trying to get a price similar to what their neighbors did two years ago.

These statistics are compiled by the Cape Cod and Islands Board of Realtors (CCIAOR). If you’re interested in specific numbers where you live — or want to live — let’s connect at 508-360-5664 or [email protected].

With inflation cooling and the real experts predicting that interest rates are going to tick back, while prices are going to increase, how long can you wait to upsize, downsize or move to your “someday” neighborhood?

Clearly, the crash predicted by the TV talking heads never happened. Timing your decision to what you think interest rates might be is a never ending game

Isn’t it time to get on with your life?

Mari and Hank