Cape Cod Real Estate Market Update Summer 2023

June-Aug Review:

 The summer real estate market on Cape Cod showed some change though nothing yet resembling consistent or predictable.    

Median sales price remains high... though there was some fluctuation in this number.  After the peak in April, we saw a drop off in median price in May, a climb back up to the summer's peak in July, then prices cooling off a bit in August. In fact, August 2023 had the same median sales price as August 2022.

Expect the unexpected as a buyer. The summer saw some inconsistent trends for buyers trying to put in offers. Homes are still earning multiple offers over asking price; however, we are seeing more listings sustain one or more price reductions before selling.  Also homes are taking longer to sell.  The amount of time listings are on the market before selling has been up by at least 22% all summer and June was actually up 100% compared to last year.  This indicates buyers are taking more time to buy rather than immediately jumping at the first home they see

Percent of original price is decreasing again.  We saw a blip in the Spring where this metric saw an increase.  However since June, this indicator has been decreasing and is back down to 97.6%.  With homes taking longer to sell and selling prices down from the original asking price you may be tempted to think there is a potential trend toward lowering prices and a more stable market.  But the lesson from the summer is that we predict the next few months will be unpredictable.

    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.

	May	June	July	Aug
Closed Sales	249	273	210	239
Inventory	459	447	474	526
Median Sales Price	$700k	$735k	$753k	$700k
Avg Days on Market	29	34	30	28
Avg % of Original Price	100%	100%	99%	98%