Cape Cod Real Estate Market Update May 2024

May Review:

The May Cape Cod real estate market demonstrated what felt like a more normal market.  Let's take a closer look at the data.

Inventory is the highest since pre-COVID. Don't misunderstand me, inventory is not "high", but it's gaining ground with about 650 homes for sale.  For comparison we had about 460 homes on the market in May of 2022. That's a 40% increase and good news for a more normal and stable real estate market on Cape Cod.  

Condos as harbingers. The condominium market often exhibits a change in the real estate market before single family homes.  Check out the "Median Sales Price" graph at right which shows condos at a fairly stable price for the past 12 months.  Could this be an indicator for single family homes? We'll see! 

Months Supply of inventory . Supply is at 2.9 months and the upward trend is continuing. This is another indicator at a maximum since 2021. Remember that 5-6 months is considered a balanced market between buyers and sellers.

    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.

	Mar	Apr	May
Closed Sales	201	224	289
Inventory	466	505	643
Median Sales Price	$685k	$795k	$769k
Avg Days on Market	45	39	46
Avg % of Original Price	100%	100%	98.6%