April 2024 Cape Cod Real Estate Market Update

from Cape Cod's Favorite Real Estate Pros, Nichole Willey & Team         March 2024 | Market Stats for Barnstable County (Video)         "New Listings were up 6.6 percent for single-family homes but remained flat for condominium properties. Closed Sales decreased 3.4 percent for single-family homes and 10.5 percent for condominium properties.   The Median Sales Price was down 2.1 percent to $685,000 for single-family homes and 0.9 percent to $425,000 for condominium properties. Months Supply of Inventory increased 25.0 percent for single-family units and 11.1 percent for condominium units."   Information provided by The Cape Cod & Islands Association of REALTORS       Nichole Willey & Team are your local real estate experts on Cape Cod & the South Shore! Whether you are looking to buy, sell, invest, or rent- we have a team of passionate, local professionals waiting to help make your real estate goals a reality. Contact us today or schedule a 1:1 consultation.  

September 2023 Cape Cod Real Estate Market Update

  from Cape Cod's Favorite Real Estate Pros, Nichole Willey & Team                   August 2023 Market Stats for Barnstable County (Video)         "Higher mortgage rates, along with elevated sales prices and a lack of housing inventory, have continued to impact market activity during the summer homebuying season. The average 30-year fixed-rate mortgage has remained above 6.5% since May, recently hitting a two-decade high in August, according to Freddie Mac. As a result, existing-home sales have continued to slow nationwide, dropping 2.2% month-over-month as of last measure, with sales down 16.6% compared to the same time last year, according to the National Association of REALTORS® (NAR). New Listings were down 0.9 percent for single-family homes but were up 3.3 percent for condominium properties. Closed Sales decreased 22.4 percent for single-family homes and 7.9 percent for condominium properties.       The Median Sales Price remained flat for single-family homes at $700,000 but was up 7.1 percent to $535,000 for condominium properties. Months Supply of Inventory increased 9.5 percent for single-family units and 11.1 percent for condominium units.       Falling home sales have done little to cool home prices, however, which have continued to sit at record high levels nationally thanks to a limited supply of homes for sale. According to NAR, there were 1.11 million homes for sale heading into August, 14.6% fewer homes than the same period last year, for a 3.3 months’ supply at the current sales pace. The shortage of homes for sale has boosted competition for available properties and is driving sales prices higher, with NAR reporting a national median existing-home price of $406,700, a 1.9% increase from a year earlier."       Information provided by The Cape Cod & Islands Association of REALTORS               Nichole Willey & Team are your local real estate experts on Cape Cod & the South Shore! Whether you are looking to buy, sell, invest, or rent- we have a team of passionate, local professionals waiting to help make your real estate goals a reality. Contact us today or schedule a 1:1 consultation.        

Your March 2023 Cape Cod Real Estate Market Update

  from Cape Cod's Favorite Real Estate Agents, Nichole Willey & Team                   March 2023 Market Stats for Barnstable County (Video)         "Nationally, existing home sales jumped 14.5% month-over-month as of last Closed Sales measure, the first monthly gain in 12 months, and representing the largest monthly increase since July 2020, according to the National Association of REALTORS® (NAR). The sudden uptick in sales activity stems from contracts signed toward the beginning of the year, when mortgage rates dipped to the low 6% range, causing a surge in homebuyer activity. Pending sales have continued to improve heading into spring , increasing for the third consecutive month, according to NAR.       New Listings were down 19.4 percent for single-family homes and 23.8 percent for condominium properties. Closed Sales decreased 8.3 percent for singlefamily homes and 25.3 percent for condominium properties.       The Median Sales Price was up 7.7 percent to $700,000 for single-family homes but was down 0.6 percent to $427,300 for condominium properties. Months Supply of Inventory increased 40.0 percent for single-family units and 41.7 percent for condominium units.       Monthly sales might have been even higher if not for limited inventory nationwide. At the current sales pace, there were just 2.6 months’ supply of existing homes at the beginning of March, far below the 4 – 6 months’ supply of a balanced market. Inventory remains suppressed in part because of mortgage interest rates, which nearly hit 7% before falling again in recent weeks. Higher rates have continued to put downward pressure on sales prices, and for the first time in more than a decade, national home prices were lower year-over-year, according to NAR, breaking a 131-month streak of annual price increases."   Information provided by The Cape Cod & Islands Association of REALTORS               Nichole Willey & Team are your local real estate experts on Cape Cod & the South Shore! Whether you are looking to buy, sell, invest, or rent- we have a team of passionate, local professionals waiting to help make your real estate goals a reality. Contact us today or schedule a 1:1 consultation.