The real estate market in Barnstable County has experienced notable shifts in various metrics from 2023 to 2024. Here's a breakdown of the key trends and what they might mean for buyers and sellers.
Single-Family Homes
Pending Sales
- June 2023: 253
- June 2024: 269 (+6.3%)
- YTD 2023: 1,352
- YTD 2024: 1,436 (+6.2%)
Summary: The increase in pending sales indicates a growing demand for single-family homes. For buyers, this means acting quickly in a competitive market. For sellers, it's a favorable time to list properties.
Closed Sales
- June 2023: 276
- June 2024: 261 (-5.4%)
- YTD 2023: 1,279
- YTD 2024: 1,280 (+0.1%)
Summary: Despite a slight decline in June's closed sales, the year-to-date figures remain stable, suggesting that while demand is high, some transactions may be delayed or fall through.
Median Sales Price
- June 2023: $734,000
- June 2024: $819,000 (+11.6%)
- YTD 2023: $700,000
- YTD 2024: $750,000 (+7.1%)
Summary: Rising median sales prices reflect increasing property values. Buyers should be prepared for higher costs, while sellers can benefit from significant appreciation in property values.
Inventory of Homes for Sale
- June 2023: 489
- June 2024: 682 (+39.5%)
Summary: An increase in inventory provides buyers with more options, potentially easing the competitive pressure. Sellers, however, may need to price competitively and ensure properties are in top condition.
Months Supply of Inventory
- June 2023: 2.1
- June 2024: 3.0 (+42.9%)
Summary: A higher supply of inventory means a shift towards a more balanced market, providing more opportunities for buyers and requiring sellers to strategize effectively.
Cumulative Days on Market Until Sale
- June 2023: 33
- June 2024: 41 (+24.2%)
- YTD 2023: 41
- YTD 2024: 46 (+12.2%)
Summary: Properties are taking longer to sell, suggesting a more deliberate buying process. Sellers should be prepared for longer listing periods.
Percent of Original List Price Received
- June 2023: 99.9%
- June 2024: 98.5% (-1.4%)
- YTD 2023: 97.6%
- YTD 2024: 97.5% (-0.1%)
Summary: A slight decrease in the percentage of the original list price received indicates minor price negotiations. Sellers should set realistic expectations, while buyers might find small opportunities for discounts.
New Listings
- June 2023: 297
- June 2024: 333 (+12.1%)
- YTD 2023: 1,583
- YTD 2024: 1,907 (+20.5%)
Summary: An increase in new listings suggests more market activity and opportunities for buyers. Sellers should note the competition and price accordingly.
Condominium Properties
Pending Sales
- June 2023: 51
- June 2024: 60 (+17.6%)
- YTD 2023: 366
- YTD 2024: 366 (0.0%)
Summary: The significant increase in June's pending sales indicates strong interest in condos, though year-to-date figures are stable. Buyers need to be quick in a competitive market, while sellers see heightened interest.
Closed Sales
- June 2023: 69
- June 2024: 77 (+11.6%)
- YTD 2023: 350
- YTD 2024: 347 (-0.9%)
Summary: A healthy increase in June's closed sales shows a robust market, although year-to-date figures are slightly down, indicating possible delays.
Median Sales Price
- June 2023: $449,900
- June 2024: $527,000 (+17.1%)
- YTD 2023: $445,000
- YTD 2024: $474,000 (+6.5%)
Summary: Significant price increases highlight strong appreciation in condo values. Buyers should budget accordingly, and sellers can expect profitable sales.
Inventory of Homes for Sale
- June 2023: 132
- June 2024: 191 (+44.7%)
Summary: Increased inventory offers more choices for buyers, potentially reducing competition. Sellers should be mindful of the higher supply.
Months Supply of Inventory
- June 2023: 2.2
- June 2024: 3.1 (+40.9%)
Summary: The higher months' supply suggests a shift towards a buyer-friendly market. Sellers may need to adjust their strategies to attract buyers.
Cumulative Days on Market Until Sale
- June 2023: 28
- June 2024: 42 (+50.0%)
- YTD 2023: 39
- YTD 2024: 48 (+23.1%)
Summary: Longer time on market indicates buyers are taking more time to make decisions. Sellers should prepare for extended listing periods.
Percent of Original List Price Received
- June 2023: 98.9%
- June 2024: 99.2% (+0.3%)
- YTD 2023: 97.7%
- YTD 2024: 97.9% (+0.2%)
Summary: A slight increase in the percentage of the original list price received indicates sellers are achieving their pricing goals, suggesting a strong market.
New Listings
- June 2023: 68
- June 2024: 94 (+38.2%)
- YTD 2023: 403
- YTD 2024: 501 (+24.3%)
Summary: More new listings point to an active market. Buyers have more options, while sellers face increased competition.
Key Takeaways
- Rising Prices: Both single-family homes and condos have seen significant price increases, which benefits sellers but requires buyers to be financially prepared.
- Increased Inventory: More homes on the market provide opportunities for buyers but create competition for sellers.
- Longer Time on Market: Properties are taking longer to sell, indicating a more deliberate buying process.
- Stable Closed Sales: Despite fluctuations, the number of closed sales remains relatively stable, reflecting consistent market demand.
- Active Market: The rise in new listings suggests robust market activity, offering ample opportunities for both buyers and sellers.
Trends and Implications
- Buyers: The market is competitive with rising prices and increasing inventory. Buyers should act quickly and be prepared for higher costs.
- Sellers: Higher inventory and longer time on the market mean sellers need to price competitively and present their properties in the best possible condition to attract buyers.
By understanding these trends, buyers and sellers in Barnstable County can make informed decisions and navigate the real estate market more effectively.
