Cape Cod Market Report 2023 Q2

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Bill SIlver Cape Cod Real Estate Market Report for Q2 2023

Cape Cod Associates

Harwich Port, MA 508-432-8600

Intro

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

Cape Cod Associates

Harwich Port, MA 508-432-8600

Median Sold Price – Q2 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 Q2 was $725 thousand dollars, another record new high.

Quarter-to-Quarter, the median sold price was UP 7.4% from the $675K in Q1. Year-to-Year, the median sold price was UP a mere 0.001% from the $724K in Q2 last year.

Cape Cod Associates

Harwich Port, MA 508-432-8600

Median Sold Price History

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Here are the Quarterly, Median Sold prices for the last 4 years. These prices are in Thousands. Since Q1 2020 the median sold price has gone UP 66%.

Year-to-Year quarterly prices went UP every quarter since 2016. That’s 29 quarters in a row, with an overall price increase of 211%.

Cape Cod Associates

Harwich Port, MA 508-432-8600

# Sales – Q3 2022

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The number of single-family homes sold in Barnstable County in Q2 was 743. Quarter - to - Quarter, Q2 Sales were UP 39% from the 535 sales in Q1.

Year – to – Year, Q2 sales were down 16% from the 880 in Q2 last year. The 743 sales in this Q2 are the 2 nd lowest Q2 sales in this century. Only the 677 sales in Q2 2009 were lower.

Cape Cod Associates

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. Year – to – Year Quarterly Sales were DOWN each of the last 8 Quarters.

As has happened every year in recorded history, we again see the Q1 DiP in the number of sales.

Cape Cod Associates

Harwich Port, MA 508-432-8600

Dollar Volume Q2 2023

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Dollar Volume is the Total Number of Sales Dollars for all sales in the quarter. The numbers shown are in Millions. The Dollar Volume in Q2 was $718 Million Dollars.

Quarter-to-Quarter the Dollar Volume was UP 45% from the $496 Million in Q1. Year-to-Year the Dollar Volume was DOWN 19% from the $885 Million in Q2 last year.

Cape Cod Associates

Harwich Port, MA 508-432-8600

Dollar Volume History

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Here are the Dollar Volume results for the last 4 years. A look back at 2020 shows a giant jump UP when COVID hit, and since then, a steady, overall DOWNward trend.

Here are the Yearly Dollar Volume results for 2020 through 2022. These values are in Billions.

Cape Cod Associates

Harwich Port, MA 508-432-8600

Days On Market Q2 2023

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Days on Market is the number of days between the date a listing goes LIVE and the date when it goes Under Agreement. The median Days on Market for Q2 was 7.

Quarter-to-Quarter, the Median Days On Market was DOWN 72% from the 25 Days in Q1. Year-to-Year, the Median Days On Market was DOWN 13% from the 8 days in Q2 last year.

Cape Cod Associates

Harwich Port, MA 508-432-8600

Days On Market History

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Here are the Median Days On Market results over the last 4 years. When COVID hit in Q1 2020, Days on Markets started a steep downward trend. But, with a few exceptions, Days On Market results have been mostly steady all the way to Q2 this year.

You have seen the Q1 DiP in sales that occurs every Q1. It seems there may be a Days On Market BLIP UP that occurs every Q1. We will know more next April.

Cape Cod Associates

Harwich Port, MA 508-432-8600

Quick Dip on Coming Soon

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Coming Soon is a listing status that allows an agent to put a fully completed listing on CC&I MLS prior to allowing any showings. Once showings start the status automatically changes to Active. Of the 743 sold listings in Q2, 258, or 35%, had been listed as Coming Soon. The median sold price of these 258 listings was $733K, about 1% higher than the overall median sold price of $725. The Sold Price vs. Original List Price % was 100% for Coming Soon listings and 100% for ALL listings.

The Days on Market for Coming Soon listings was 22. This is about 3 times as higher than the 7 days for all Q2 sold listings. It seems that Coming Soon does not result in Selling Sooner.

Cape Cod Associates

Harwich Port, MA 508-432-8600

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