Cape Cod Market Update November 2019

In October Barnstable County saw more of the fall slowdown with a significant reduction in new listings compared to this time last year.  Additionally new listings are down 5% year-to-date continuing the trend of historically low numbers of homes for sale.  Despite this the October market largely kept pace finishing with 5.7 months supply of inventory available.  Remember that 6 months is the magic number for a sustainable market between buyers and sellers.    Single family homes have not seen significant gains in median price since June and the affordability index has gained 20% since the start of the year signaling good news for buyers.  In addition continued low mortgage rates (~3.625% at time of writing) helps buyers looking to get into the market.  

  We will continue to keep our eyes on the amount of inventory as well as the months of supply available Cape-wide.  However we can't stress enough how the entire County is not representative of market niches.

	Aug	Sept	Oct
Closed Sales	382	339	379
Inventory	2,082	2,090	1,975
Median Sales Price	$431K	$452K	$440K
Avg Days on Market	90	98	103
Avg % of Original Price	94%	94%	94%