Cape Cod Market Report 2023 Q3

# of Sales at a 12 Year L O W

Plus a FORECAST For Q2

Click here to see the Video version of this report

Q3 2023 Cape Cod Market Report

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Hi! I’m Bill Silver. I’m a realtor with Cape Cod Associates Real Estate in lovely downtown Harwich Port.

Cape Cod Associates

© Bill Silver 2022 Realtor® Cell: 508-277-1000 Bill@BillSilver.com

Harwich Port, MA 508-432-8600

Median Sold Price - Q1 2023

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The data for this report is for: Single Family Homes – in Barnstable County – listed on Cape Cod and Islands MLS. The median sold price in Q3 was $750 thousand dollars. Quarter-to-Quarter, the median sold price was UP 3.4% from the $725K in Q2.

More importantly, Year-to-Year, the median sold price was UP 9.5% from the $ 685K in Q3 last year. This is another new all-time Q3. HIGH

Cape Cod Associates

© Bill Silver 2022 Realtor® Cell: 508-277-1000 Bill@BillSilver.com

Harwich Port, MA 508-432-8600

Median Sold Price History

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Here are the Quarterly Median Sold Prices over the last 4 years. Since Q1 2020 the median sold price has gone UP 72%

But more amazing, starting at the beginning of this century, Q1 2000 , the median sold price has gone UP 395%.

Cape Cod Associates

© Bill Silver 2022 Realtor® Cell: 508-277-1000 Bill@BillSilver.com

Harwich Port, MA 508-432-8600

# Sales – Q3 2023

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The number of single-family homes sold in Barnstable County in Q3 was 750 . This is a new record LOW for sales in Q3. Quarter - to - Quarter, Q3 Sales were UP 0 .9% from the 743 sales in Q2 .

Year – to – Year, sales were down 25.9% – from the 1,012 sales in Q3 last year.

Cape Cod Associates

© Bill Silver 2022 Realtor® Cell: 508-277-1000 Bill@BillSilver.com

Harwich Port, MA 508-432-8600

# Sold History

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Here are the Number of Sales for each Quarter over the last 4 years. The 750 sales in Q3 were the lowest # of Sales in a Q3 quarter in this CENTURY – starting with Q3 2000 . The BIG QUESTION? Are Sales so LOW because Prices are so HIGH? Or, are Prices so HIGH because there are so few houses On the Market?

Only a genius would know. I wish I knew one.

Cape Cod Associates

© Bill Silver 2022 Realtor® Cell: 508-277-1000 Bill@BillSilver.com

Harwich Port, MA 508-432-8600

Days On Market History

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The Median DOM for Q3 was 10 Days . Quarter-to-Quarter, this is a 43% increase over the 7 Days in Q2 last year. Year-to-Year, this is a 25% increase over the 8 Days in Q3 last year. The BIG trend in Days On Market was the major reduction in Days On Market from the onset of COVID. A somewhat strange trend is that the Q3 Days On Market seems to be the third highest each of these four years. If this continues then Q4 this year should have a higher Days On Market than this Q3.

The next slide is an exact copy of a slide in my Report: A Deep Dip Look at Days On Market . The most important was the slide that showed that the longer a house is on the market the lower its sold price will be – as measured by the Sold Price to Initial List Price Ratio.

Cape Cod Associates

© Bill Silver 2022 Realtor® Cell: 508-277-1000 Bill@BillSilver.com

Harwich Port, MA 508-432-8600

Cape Cod Associates

© Bill Silver 2022 Realtor® Cell: 508-277-1000 Bill@BillSilver.com

Harwich Port, MA 508-432-8600

Sold Price – Original List Price %

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These 9 Groups represent the median(Original List Price divided by Sold Price Ratio). That’s the percentage shown at the top of each column. The number of listings per group is almost identical – with each group averaging about 11.1%. The low % for all 3,151 sold listings was 43% - a good bit less than half the original list price. The high was 177%.

Now let’s see the Median Days On Market for each group. Reading from Right-to-Left, as the Days go UP the Price goes DOWN. An important message for sellers: The longer it takes to sell your home the lower the sold price might be.

Q 3 2023 Cape Cod Market Report

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