Provincetown as seen from the air in 2019. iStock photo
The Cape Cod housing market saw a price correction in November, with a list to sale price ratio of 95.5 percent according to new data from the Cape Cod and Islands Association of Realtors.
“Sellers accurately pricing homes is becoming increasingly important, even with our perpetually limited inventory,” CCIAOR CEO Betsy Hanson said in a statement. “With a list to sale price ratio of 95.5% at the end of November, the data shows that being realistic about what your home is worth on the open market is paramount for sellers. We’re simply not in a market where buyers are going over asking price on a regular basis.”
Barnstable County buyers also appeared more selective last month: The cumulative days on market for November increased 7.5 percent for single-family homes compared to last November, from 40 to 43 days.
That happened as the pulse of excess inventory on the market this spring continued to be eaten away.
Heading into the fall sales market – the tail end of which is represented in November closed sales statistics – the number of single-family homes for sale in September fell 2 percent year-on-year, to 794 across the Cape, while condominiums on the market rose 23.8 percent, to 276 homes. The combined inventory of both property types was up 3.58 percent year-on-year in September.
The same pattern repeated in November: 615 single-families and 227 condos for sale, down 5.8 percent and up 16.4 percent, respectively. The total number of all homes for sale fell by less than 1 percent year-on-year.
The median sold price per square foot even saw reductions, CCIAOR data shows. In November, the median sold price per square foot was $466 for single-family homes while in 2024, the median sold price per square foot for November was $474 for single-family homes.
In November, the median sales price of a single-family home was $700,000, while year-to-date the median sales price was $735,000 according to The Warren Group, the publisher of Banker & Tradesman. The price growth was minimal, at 0.72 percent and 3.16 percent, respectively.
Buyers used cash at an increased rate, CCIAOR data shows, with 37.69 percent of all transactions involved a cash buyer in November, up 1.65 percent from the prior year.
