MARKET WATCH: According to a recent report from the Cape Cod & Islands Association of Realtors (CCIAOR), Cape Cod homes maintained their value and sold above asking price during the first quarter of 2023, driven by high demand and limited inventory. The report reveals that in March, over 53% of properties on Cape Cod were sold above their listed price, which is a record high, while the percentage of cash deals increased over post pandemic, settling at approximately one-third of the market.
In addition, April 2023 on Cape Cod showed a decline in new listings (-17%) and pending listings (-14%) compared to April 2022.
All that being said, we are observing an increase in Days on Market (DOM) along with buyers reaching their limits in terms of how much they are willing to offer. To illustrate, a listing might receive 3 offers over asking price, all roughly at the same level, with no one willing to exceed that amount. This situation, where multiple bids come close to each other without surpassing a certain threshold, suggests that the home has reached its highest perceived value in the market.
The market is shifting, however, the Cape Cod real estate remains highly sought-after and competitive due to strong demand and a limited supply of properties.
If you have any questions regarding the Cape Cod real estate market, feel free to ask!
TIA LILLY
Founder, Broker/Owner
Mobile: 508·280·5728 | Tia@PropertyCapeCod.com