October 2023 Market Report
November 20, 2023 Research & Data CCIAOR Data and Research
According to preliminary data released by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 337 homes were sold in October 2023: 267 single-family homes, and 70 condominiums. The median sales price was $811,000 for single-family homes and $485,000 for condominiums. In October 2022, 320 homes (250 single-family homes and 70 condos) sold at a median price of $721,500 for single-family homes and $475,000 for condominiums.
Sales pending at the end of October were 231 for single-family homes and 73 for condominiums – a 4.9 percent decrease for single-family and a 1.4 percent increase for condominiums, which will show up in closed home sales in the coming months. Last October, there were 243 pending single-family homes and 72 pending condominiums.
At the end of October, there were 591 single-family homes for sale and 159 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last October, there were 635 single-family homes and 156 condos listed for sale, a 6.9 percent decrease, and a 1.9 percent increase, respectively.
One market indicator that has moved in the right direction is new listings increased slightly. New listings increased as there were 311 new listings in October, which was a 3.3 percent increase in the number of new listings from October 2022.
“Buyers are still feeling the pinch here on Cape Cod,” notes Ryan Castle, CEO of the Cape Cod & Islands Association of REALTORS®. “Between high-interest rates and high prices, year-round buyers are being squeezed out of the market, a trend that we have been seeing for some time. We have said it before and will say it again, towns on the Cape need to take action to prevent more year-round residents from leaving for more attainable regions, or the Cape’s year-round economy will suffer.”
Cumulative days on market for October increased 13.3 percent for single-family homes compared to last October, increasing from 30 days to 34 days. Condominiums had an 8.8 percent increase in cumulative days on market compared to last October, increasing from 34 days to 37 days.
Data released reflects all single-family homes and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.