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Welcome to The Griffin Real Estate Market Update.
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 May 2023 versus April 2023:
The Number of SOLD listings increased 10% to 238 properties with a top sale of $10.9 million at 19 Marquand Drive in Barnstable.
The Average Sales Price decreased 5% to $968 thousand and the Average Price Per Square Foot decreased 4% to $478.
The inventory of properties available for sale as measured in months supply decreased by 2% to 3.15 months worth of properties for sale.
The average 30-year fixed mortgage rate increased 6% with an average rate of 6.90% according to Bank Rate.com
Luxury and limited inventory are still the main story line for the cape cod market while entry level buyers struggle to find opportunities.
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
April 2023 – $1021704
May 2023 – $968400
5% down
Average Days On Market
April 2023 – 47
May 2023 – 28
40% down
Average Sale Price Per Square Foot
April 2023 – $498.12
May 2023 – $478.09
4% down
Sale to List Price Ratio
April 2023 – 98.71%
May 2023 – 98.53%
0% no change
Number of Sold Listings
April 2023 – 216
May 2023 – 238
10% up
Months Supply of Inventory
April 2023 – 3.23
May 2023 – 3.15
2% down
Mortgage Rate
April 2023 – 6.48%
May 2023 – 6.90%
6% up
Top 10 Sales
- $10900000 19 Marquand Drive Barnstable, MA
- $6000000 408 Wianno Avenue Barnstable, MA
- $6000000 202 Daniels Island Road Mashpee, MA
- $3500000 87 Hunter Rise Chatham, MA
- $3200000 38 Captain Baker Road Brewster, MA
- $3125000 12 Willis Lane Falmouth, MA
- $2800000 100 Ice Valley Road Barnstable, MA
- $2650000 90 Silver Leaf Avenue Chatham, MA
- $2500000 266 Seapine Road Chatham, MA
- $2325000 29 Jack Knife Point Road Orleans, MA
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