Cape Cod real estate October 2024
On Cape Cod in October (Barnstable County:
+ Both the Sale Price to List Price and the Sale to Original List Price were down (-0.4% , -0.3%)
+ The number of active listings (1083) rose from 1039 in September
+ Average Sold Days on Market rose 5.9 days to 51
In Falmouth in October
+ The Sale Price to List Price was down and the Sale to Original List Price was up (-0.1% , +1.3%)
+ The number of active listings (116) fell from 122 in September
+ Average Sold Days on Market rose 1.1 days to 28.8
The post-election economic predictions now are for a stronger real estate market on Cape Cod. Falmouth is a strong market on the Cape, and should continue to be so into 2025.
In the county of Barnstable, 310 single-family homes and 83 condominiums went under contract in October 2024 which is a 41.6 percent increase for single-family homes and a 15.3 percent increase for condominiums. Most of these will show up in closed-home sales in the coming months. In 2023 October, there were 219 pending single-family homes and 72 pending condominiums. This was the highest month for pending sales since June 2022. (Cape Cod & Islands Association of REALTORS® (CCIAOR))
The median sale price for single-family homes in October 2024 in Barnstable County was $825,000 and $600,000 for condominiums. In October 2023, 377 homes (266 single-family homes and 71 condos) sold at a median price of $801,000 for single-family homes and $480,000 for condominiums. These increases are primarily an indication of the lack of inventory plaguing all real estate markets.
Although inventory has been rising, sellers are still thinking they are in control. There were 743 single-family homes and 205 condominiums for sale in the Cape Cod & Islands Multiple Listing Service in Barnstable County in October 2024. Last October (2023), 622 single-family homes and 166 condos were listed for sale. This is a 19.5 percent increase in homes for sale and a 23.5 percent increase in condos for sale. Housing Inventory on Cape Cod is still historically very low, and less than half of what the market had for sale pre-2020.
Best wishes, Heath
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