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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 July 2023 versus June 2023:
The Number of SOLD listings decreased 28% to 200 properties with a top sale of $11.5 million at 43 Morris Island Road in Chatham.
The Average Sales Price increased 13% to $1.05 million and the Average Price Per Square Foot increased 3% to $508.
The inventory of properties available for sale as measured in months supply increased by 30% to 3.64 months worth of properties for sale.
The average 30-year fixed mortgage rate increased 2% with an average rate of 6.98% according to Bank Rate.com
INSIGHT: Low Inventory For The Forseeable Short Term
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
June 2023 – $935565
July 2023 – $1053563
13% up
Average Days On Market
June 2023 – 34
July 2023 – 38
12% up
Average Sale Price Per Square Foot
June 2023 – $495.59
July 2023 – $508.13
3% up
Median Sales Price
June 2023 – $734000
July 2023 – $755000
3% up
Number of Sold Listings
June 2023 – 276
July 2023 – 200
28% down
Months Supply of Inventory
June 2023 – 2.8
July 2023 – 3.64
30% up
Mortgage Rate
June 2023 – 6.84%
July 2023 – 6.98%
2% up
Top 10 Sales
- $11500000 43 Morris Island Road Chatham, MA
- $6650000 87 Beach Road Orleans, MA
- $5350000 52 R Point Street Provincetown, MA
- $4695000 35 Peyton Place Falmouth, MA
- $4100000 356 Stony Hill Road Chatham, MA
- $3268500 292 Grand Island Drive Barnstable, MA
- $2750000 110 Cliff Road Wellfleet, MA
- $2590000 114 Main Street Chatham, MA
- $2525000 789 Fox Hill Road Chatham, MA
- $2500000 12 Oliver Snow Road Harwich, MA
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