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Welcome to The Griffin Real Estate Market Update, I’m Danny Griffin.
If you’re thinking about buying or selling residential real estate, it’s important to understand the current market trends.
According to the Cape Cod & Islands Association of Realtors, the marketplace for Cape Cod residential properties here’s what happened in February 2023 versus January 2023:
The Number of SOLD listings decreased by 22% to 134 properties with a top sale of $5.85 million at 100 Garnet Avenue in Falmouth.
The Average Sales Price increased 13% to $951 thousand and the Average Price Per Square Foot had no change with $448.
The inventory of properties available for sale as measured in months supply increased by 14% to 3.76 months worth of properties for sale.
The average 30-year fixed mortgage rate increased by 3% to an average rate of 6.64% according to Bank Rate.com
We are finally seeing decreases in activity and pricing. We will continue to watch the rise in inventory.
If you’re thinking about buying or selling residential real estate now or in the near future, it’s important to seek the guidance and advice of a professional real estate agent.
Thanks for tuning in, we’ll see you in the next Griffin Real Estate Market Update.
Cape Cod
Average Sales Price
January 2023 – $838884
February 2023 – $951476
13% up
Average Days On Market
January 2023 – 40
February 2023 – 66
65% up
Average Sale Price Per Square Foot
January 2023 – $449.9
February 2023 – $448.42
0% no change
Sale to List Price Ratio
January 2023 – 95.94%
February 2023 – 95.76%
0% no change
Number of Sold Listings
January 2023 – 172
February 2023 – 134
22% down
Months Supply of Inventory
January 2023 – 3.3
February 2023 – 3.76
14% up
Mortgage Rate
January 2023 – 6.42%
February 2023 – 6.64%
3% up
Top 10 Sales
- $5850000 100 Garnet Avenue Falmouth, MA
- $5300000 180 Pinquickset Cove Circle Barnstable, MA
- $5250000 290 North Bay Road Barnstable, MA
- $3350000 35 Old Duck Hole Road Orleans, MA
- $3325000 105 Harbor View Road Barnstable, MA
- $3225000 70 Bayberry Way Barnstable, MA
- $2530000 11 Old Cart Way Chatham, MA
- $2500000 14 Willis Lane Falmouth, MA
- $2200000 6 Great Bend Road Sandwich, MA
- $2150000 101 Commercial Street Wellfleet, MA
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