The Chatham real estate market on Cape Cod has experienced notable shifts from 2023 to 2024. Below, we analyze key metrics for single-family homes and condominium properties, offering insights into trends and their implications for buyers and sellers.
Single-Family Properties
Pending Sales
- June 2023: 14
- June 2024: 13 (-7.1%)
- YTD 2023: 71
- YTD 2024: 70 (-1.4%)
Summary: A slight decline in pending sales indicates a stable market with steady demand. Buyers can expect less competition, while sellers may need to be more flexible.
Closed Sales
- June 2023: 11
- June 2024: 16 (+45.5%)
- YTD 2023: 62
- YTD 2024: 64 (+3.2%)
Summary: The increase in closed sales suggests successful transactions are more frequent, benefiting sellers and indicating a robust market for buyers.
Median Sales Price
- June 2023: $1,285,000
- June 2024: $1,172,500 (-8.8%)
- YTD 2023: $1,021,250
- YTD 2024: $1,312,500 (+28.5%)
Summary: While June's median price decreased, the year-to-date increase shows significant appreciation. Buyers might find better deals in June, but overall, should expect higher prices. Sellers are seeing strong returns on their investments.
Inventory of Homes for Sale
- June 2023: 48
- June 2024: 61 (+27.1%)
Summary: More homes on the market provide buyers with more options, but sellers face increased competition and need to ensure their properties stand out.
Months Supply of Inventory
- June 2023: 4.2
- June 2024: 5.9 (+40.5%)
Summary: An increase in inventory supply suggests a shift towards a buyer's market, offering more negotiation power to buyers and longer selling times for sellers.
Cumulative Days on Market Until Sale
- June 2023: 96
- June 2024: 63 (-34.4%)
- YTD 2023: 69
- YTD 2024: 75 (+8.7%)
Summary: Properties are selling faster in June, reflecting high demand. However, the slight year-to-date increase suggests variability. Sellers should prepare for potential extended listing periods.
Percent of Original List Price Received
- June 2023: 94.4%
- June 2024: 96.9% (+2.6%)
- YTD 2023: 94.1%
- YTD 2024: 94.2% (+0.1%)
Summary: Higher percentages in June show stronger seller positions and successful negotiations close to asking prices, indicating a healthy market.
New Listings
- June 2023: 17
- June 2024: 21 (+23.5%)
- YTD 2023: 88
- YTD 2024: 112 (+27.3%)
Summary: More new listings suggest an active market. Buyers have more options, while sellers need to differentiate their properties to attract attention.
Condominium Properties
Pending Sales
- June 2023: 2
- June 2024: 0 (-100.0%)
- YTD 2023: 12
- YTD 2024: 11 (-8.3%)
Summary: The drop to zero pending sales in June signals a significant slowdown in condo demand. Buyers have more negotiating power, and sellers may need to adjust pricing or marketing strategies.
Closed Sales
- June 2023: 1
- June 2024: 2 (+100.0%)
- YTD 2023: 9
- YTD 2024: 13 (+44.4%)
Summary: Despite the drop in pending sales, the increase in closed sales shows that some deals are successfully closing, indicating selective but successful transactions.
Median Sales Price
- June 2023: $415,000
- June 2024: $947,500 (+128.3%)
- YTD 2023: $530,000
- YTD 2024: $450,000 (-15.1%)
Summary: June's median price spike suggests high-end properties were sold, while the year-to-date decline indicates overall market adjustments. Buyers need to be prepared for price variability, and sellers should price strategically.
Inventory of Homes for Sale
- June 2023: 12
- June 2024: 4 (-66.7%)
Summary: A sharp drop in inventory limits options for buyers, potentially leading to higher competition and faster sales for sellers.
Months Supply of Inventory
- June 2023: 6.3
- June 2024: 1.5 (-76.2%)
Summary: A reduced supply indicates a seller's market, with fewer condos available. Buyers must act quickly, while sellers can benefit from increased demand.
Cumulative Days on Market Until Sale
- June 2023: 44
- June 2024: 28 (-36.4%)
- YTD 2023: 67
- YTD 2024: 82 (+22.4%)
Summary: Faster sales in June highlight high demand, though the year-to-date increase suggests overall variability. Sellers should be prepared for potentially longer sale processes.
Percent of Original List Price Received
- June 2023: 97.7%
- June 2024: 92.4% (-5.4%)
- YTD 2023: 95.8%
- YTD 2024: 96.9% (+1.1%)
Summary: A drop in June's percentage indicates buyers' stronger negotiation power, but the year-to-date increase suggests overall seller strength.
New Listings
- June 2023: 4
- June 2024: 1 (-75.0%)
- YTD 2023: 17
- YTD 2024: 14 (-17.6%)
Summary: Fewer new listings suggest limited supply, potentially increasing competition among buyers. Sellers can benefit from the reduced availability.
Key Takeaways
- Stable Demand: Single-family homes have shown stable demand, with slight variations in pending and closed sales. Buyers and sellers should anticipate steady market conditions.
- Rising Prices: Significant appreciation in single-family home prices highlights strong market value. Buyers should prepare for higher costs, while sellers can expect high returns.
- Condo Market Variability: The condominium market shows more variability with drastic changes in median prices and inventory levels. Buyers should be prepared for fluctuations, and sellers need strategic pricing.
- Inventory Shifts: Increased inventory for single-family homes and decreased for condos impact buyer options and seller strategies. Understanding these dynamics is crucial for effective decision-making.
Trends and Implications
- Buyers: The market presents opportunities with increased inventory for single-family homes and limited condo availability. Buyers need to act quickly, especially in the condo market.
- Sellers: Higher inventory and stable demand for single-family homes require competitive pricing and presentation. Condo sellers can benefit from reduced supply but must be mindful of price fluctuations.
By staying informed about these trends, buyers and sellers in Chatham can navigate the real estate market more effectively, making strategic decisions based on current data.
