A Rundown of the Cape Cod Housing Market in November
📊 BY THE NUMBERS:
Single-family home stats:
New listings: 177 (-11.1% YoY)
Median price: $739,000 (-4.3% YoY)
Homes for sale: 623 (+8.3% YoY)
Days on market: 40 (+29%)
Condominiums:
New listings: 67 (+42.6% YoY)
Median price: $545,000 (+2.8% YoY)
Homes for sale: 185 (+23.3% YoY)
Days on market: 61 (+154.2%)
*This is for data in CCIMLS for Barnstable County for the month of November 2024*
🗣️ TALKING POINT TAKEAWAYS:
📈 We will end 2024 with a higher number of sales than we had in 2023, which shows 2023 was, as expected, the bottom of the downturn in the frequency of home sales.
⤴ Dennis and Provincetown have been the hottest towns for real etsate on Cape Cod in 2024.
🏠 3 BIG Things to Know about the Cape Cod Housing Market from the November Market Report
1️⃣ Expect a December to Remember Home Sales Event for Cape Cod
Following October’s more than two-year high of pending sales, we saw the expected surge in closed real estate sales for November. Overall, single-family homes in Barnstable County were only up 14.9% from last November. Many homes that went under contract in October have yet to close.
CLOSINGS ON HORIZON: As of Tuesday, December 10, 99 single-family homes in Barnstable County had closed, but another 323 had an estimated selling date for December, which shows a healthy December on the horizon. If all of those sales close, we would be looking at a remarkable 72% jump in year over year sales for December.
SALES FOR 2024 SURPASS 2023: As expected, 2023 stays as the lowest year in terms of number of sales: With the jump in closed sales in November - and the expected substantial jump in December - "We expect to end the year with close to 3,000 single-family homes selling in Barnstable County, which would indicate 2023 was the bottom of the downward trend of the total number of homes sold. We anticipate about a 10% growth in closed sales from 2023.
VOLUME FOR 2024: Total volume of residential property sold will likely surpass 2022 levels despite less sales, as the median sales price has continued to increase.
2️⃣ Dennis, Provincetown are the Hottest Towns on Cape Cod for 2024
The towns of Dennis and Provincetown have seen the highest surge in home sales for 2024 in the Cape Cod & Islands Multiple Listing Service.
INSIDE THE NUMBERS: Dennis single-family home sales surged by more than 37% for the year through November compared to the same time period last year, while Provincetown's single-family home sales have increased by 53% year over year.
Caution: Ptown's numbers are a little skewed as it's the only town where more condos sell than single-family homes, making smaller volume increases in SFH sales look larger, by percentage. Condos are at a 10% year over year increase in number of sales.
OTHER HOT PLACES: Barnstable, Bourne, Cahatham, and Wareham have all seen a double digit percent increase in home sales.
3️⃣ CCIMLS Tracks Cash Sales & % Over Asking
Our staff tracks and reports two of the harder to find statistics about the real estate market on a monthly basis since the Covid-era housing runup.
Here is our internal chart to see how these metrics are performing this year:
Cash Sales: We have been looking at % of cash sales since the Covid-era housing frenzy to see the trends over time. Prior to Covid, we were about a 25% cash market. This year, cash buyers have ranged between 36% to 46% of the sales per month.
Percent Over Asking: November was the only month this year where the % of sales that went for over asking price was under 20% - and the first since January 2023, a full 21 months ago.
MORE DATA: What housing market data do you want to know that is not easy to find? Drop our VP of MLS Marcia Stirling an email and give her your thoughts.
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