February 2024 Cape Cod Market Stats Report

According to preliminary data released by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 195 homes were sold in February 2024: 147 single-family homes, and 48 condominiums. The median sales price was $717,000 for single-family homes and $417,500 for condominiums. In February 2023, 192 homes (157 single-family homes and 35 condos) sold at a median price of $661,000 for single-family homes and $400,000 for condominiums.

Sales pending at the end of February were 205 for single-family homes and 56 for condominiums – a 9.6 percent increase for single-family and a 16.4 percent decrease for condominiums, which will show up in closed home sales in the coming months. Last February, there were 187 pending single-family homes and 67 pending condominiums.

At the end of February, there were 422 single-family homes for sale and 120 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last February, there were 347 single-family homes and 106 condos listed for sale, a 21.6 percent increase, and a 13.2 percent increase, respectively.

"The increase in new listings is a positive sign that has us feeling cautiously optimistic for the market this year. Higher mortgage rates and historically low inventory will likely continue to keep potential sellers in their homes for some time, which would temper the overall number of listings coming onto the market. Overall, we have been waiting for positive signs in the market and this is certainly one of them." Notes CCIAOR CEO Ryan Castle.
"In a real estate market like this, it's important to have expert agent representation. Buyers and sellers need a professional on their side to navigate this market when making a significant decision to invest in a new home or sell their current one."

Cumulative days on market for February decreased 23.1 percent for single-family homes compared to last February, decreasing from 65 days to 50 days. Condominiums had a 12.3 percent decrease in cumulative days on market compared to last February, decreasing from 57 days to 50 days.

Data released reflects all single-family homes and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.