Your January 2023 Cape Cod Real Estate Market Update

by Nichole Willey

from Cape Cod's Favorite Real Estate Agents, Nichole Willey & Team

January 2023 Market Stats for Barnstable County (Video)

"The US housing market began the year in a state of rebalance, with many buyers remaining cautious while they wait to see where the market is headed. Nationally, pending sales rose 2.5% month-to-month, marking the first increase since May, while sales of existing homes fell 1.5% as of last measure, according to the National Association of Realtors® (NAR). Demand for housing persists, but higher mortgage interest rates have cut into housing affordability, with total home sales down 17.8% last year compared to 2021.

New Listings were down 30.6% for single-family homes and 23.4% for condo properties. Closed Sales decreased 33.3% for single-family homes and 32.9% for condominium properties.

The Median Sales Price remained flat for single-family homes but was up 16.4% to $480,000 for condominium properties. Months Supply of Inventory increased 50.0 percent for single-family units and 41.7% for condo units.

As sales slow, time on market is increasing, with the average home spending 26 days on market as of last measure, according to NAR. Seller concessions have made a comeback, giving buyers more time and negotiating power when shopping for a home."

Information provided by The Cape Cod & Islands Association of REALTORS

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