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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 Cape Cod & Islands Association of Realtors, the marketplace for Cape Cod residential properties, here’s what happened in January 2023 versus December 2022:
The Number of SOLD listings decreased by 35% to 163 properties with a top sale of $4 million at 654 South Orleans Road in Orleans.
The Average Sales Price decreased 11% to $823 thousand and the Average Price Per Square Foot decreased 1% to $448.
The inventory of properties available for sale as measured in months supply increased by 30% to 3.39 months worth of properties for sale.
The average 30-year fixed mortgage rate decreased by 5% to an average rate of 6.42% according to Bank Rate.com
We are finally seeing decreases in activity and pricing. We will continue to watch the rise in inventory.
Thanks for tuning in, we’ll see you in the next Griffin Real Estate Market Update.
Cape Cod
Average Sales Price
December 2022 – $925266
January 2023 – $823846
11% down
Average Days On Market
December 2022 – 46
January 2023 – 41
11% down
Average Sale Price Per Square Foot
December 2022 – $451.18
January 2023 – $448.42
1% down
Sale to List Price Ratio
December 2022 – 97.51%
January 2023 – 95.93%
2% down
Number of Sold Listings
December 2022 – 249
January 2023 – 163
35% down
Months Supply of Inventory
December 2022 – 2.6
January 2023 – 3.39
30% up
Mortgage Rate
December 2022 – 6.74%
January 2023 – 6.42%
5% down
Top 10 Sales
- $4091000 654 South Orleans Road Orleans, MA
- $2700000 242 Seaway Road Brewster, MA
- $2345000 27 Nickerson Street Provincetown, MA
- $2290000 36 Summersea Road Mashpee, MA
- $2075000 16 Thistlemore Road Provincetown, MA
- $2024000 34 Bayberry Avenue Provincetown, MA
- $1987500 379 Starboard Lane Barnstable, MA
- $1950000 3 Skinequit Road Harwich, MA
- $1900000 65 Lowry Road Falmouth, MA
- $1837000 95 Third Avenue Barnstable, MA
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