If you’re looking to find out about the Cape Cod Real Estate Market, then you’ve come to the right place. This post is all about February 2023 market update on Cape Cod!
In this post, I will share with you the latest Cape Cod Real Estate Market indicators. If youre thinking of buying or selling residential real estate now or in the near further, then it is important for you to seek the advice of a professional agent. If you want to check out Cape Cod’s annual market report, then check out this report published by the Cape Cod & Islands Association of Realtors.
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Without further ado, let’s get in to this post!
This post is about the Cape Cod Real Estate Market.
1. Top Sale of the February
Firstly, the property that sold for the amount of money was located at 100 Garnet Avenue in North Falmouth and sold for $5,850,000. The stunning waterfront home boasts over 7,000 square, five bedrooms, and 4.5 baths, on a private 2.68-acre property featuring more than 750′ of water frontage.
2. Number of Sold Listings
Secondly, the number of sold listings decreased by 22% from January (172) to February (134).
3. Average Sales Price
Thirdly, the average sales price increased 13% from January ($838,884) to February ($951,476).
4. Average Sold Days on Market
Next, the average sold days on the market measures and averages the number of days a property was on the. With that being said, in January it was 40 days and in February it increased by 65% to 66 days.
5. Sale-to-List Price Ratio
Moreover, the sale-to-list price ratio measures the price the house sells against the price it was listed for. In January, this was 95.94%, and had minimal change in February at 95.76%. Therefore in February homes sold for an average of 95.76% of their list price.
6. Average Sales Price Per Square Foot
Furthermore, the average sales price per square foot also had minimal change from January to February. In January it was $450 per square foot and in February it was $448 per square foot.
7. Months of Inventory
Months supply of inventory is one of the most important market indicators. From January to February, we saw a 14% increase in inventory which is great news. Cape Cod currently has a major lack of inventory which affects home buyers as there are fewer homes to choose from and more completion.
8. 30-Year Mortgage Rate
Finally, as of Monday, March 06, 2023, the average interest rate for a 30-year fixed mortgage is 7.08%, which has increased by 6 basis points from the previous week. Mortgage rates are continuing to fluctuate.
