Cape Cod Market Update July 2021

June Review: 

    The main driver in the market right now is still low inventory which is currently and will continue to influence the real estate trends on Cape Cod for a while at least.  As you take a look at our infographic, note that many indicators are now trending negative compared to last year. Closed sales, pending sales and inventory are all directly related in this case and reflect the dearth of salable real estate on the market.  Additionally, we have been tracking precipitous declines in "Average Days on Market", not only compared to last year but also since March - with June's average days on market hitting a new low of 23.  As this metric is measured as an average, it tells us homes which had been on the market for many months, or even years, are mostly all sold now and thus no longer skewing this number upwards. In fact, the median days on market in June was 6. Six!  Homes that have languished on the market for 700 days are finally being sold, thus we gain insight into just how ravenous buyer demand is.

 Whichever seat you are in, whether buying, selling or vacation renting, the professionals at Chatelain Real Estate are here to give you the expert advice you will need to make your transaction a success. For more market data check out our blog category Real Estate Trends.  You can also give us a call any time - we look forward to hearing from you.

	Apr	May	June
Closed Sales	307	347	404
Inventory	394	448	502
Median Sales Price	$625k	$630k	$600k
Avg Days on Market	57	38	23
Avg % of Original Price	101%	105%	104%