Cape Cod Real Estate Stats for July...
Here we are again, it's Groundhog Day! Days on Market are up nearly 28% and prices are up over 3%! We are finally seeing a drop in percent of original list price- down nearly 2%. New listings are down nearly 2%. Lots of percentages, what does it all mean? It means that there is still limited inventory, much of that inventory is staying on the market longer than anticipated and much of it is selling at or slightly below list price. Pending sales are down - year over year- over 6%. So, we remain in a tight listing market, fewer buyers are evidently looking at houses, and prices are staying rather stable. Fewer pending and closed sales.
What is next? Your guess is as good as mine. However, if I had to give a guess, it would be that inventory will increase this fall. With an increased inventory, prices will continue the downward trend. Days on market will continue to increase, percent of list price will continue to decrease!
~ Deb Martin
