Market Insights
2022 ANNUAL CAPE COD
A L ET T ER FROM OUR ChiefExecutiveOfficer
The national news has continued to beat the "market crash" drum. This is no surprise when you realize that scary headlines garner the most "clicks" While there may be parts of the country that are seeing some struggles,that is not what we are generally seeing in Massachusetts.
Here is what is actually happening: the overall market has split into micro-markets That means that, while there are some general trends, there are also divergent trends based on the price point, the kind of home,the neighborhood,and other subset criteria
Let's look at price point,for example: In Massachusetts,generally speaking,the number of transactions is lower than last year, while prices have remained flat or have risen moderately But, if you look at the market under $900,000 or the market above it,you will see a "tale of two markets".
In the graphic to the right, you can see that the luxury market (in this case $900,000 and above) has not seen fewer sales In some luxury subsegments it has even grown So, why is that, you might ask? The answer is interest rates In the lower segments buyer affordability is heavily influenced by the cost of borrowing money in conforming loans.At the higher price points buyers are paying cash or using less expensive portfolio loans
But what about homes under $900,000? The lead indicators point to buyers coming back. Some buyers stepped away from the market, clearly spooked by mortgage rate volatility However, they are coming back with a renewed search criteria and alternative financing tools. Overwhelmingly our agents are telling me that buyers are calling and wanting to get back into the search Some are taking advantage of seller-paid rate buy-downs. Others are using state or federal programs that offer cash assistance or lower borrowing rates
In shifting markets, it is important to work with a company and agent who has the experience to guide you A recent company poll revealed that our agents have thousands of years of collective experience That led to Gibson Sotheby?s International Realty helping nearly 3,000 clients buy or sell homes last year for a total of over $3 6 billion in sales If you have considered a move, our agents can ensure that you make your next move with expert guidance Contact us for more information
Colleen Barry, CEO Gibson Sotheby's International Realty
Source: MLSpin as of 12/ 14/ 22 NUM BER OF LISTINGS SOLD YEAR OVER YEAR 2021 2022
Nicole Rideout Hartwick Chief Strategy Officer
Gibson Sotheby?s International Realty
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Relationshipsareat theveryheart ofourbusiness.Theyalwayshave been,andtheyalwayswillbe.
UpperCape
SINGLE
$675,000 (+10% YOY)
1,096 (-18% YOY)
2022 1,353 (-6% YOY) 2021 1,444 L I ST I N GS TA K EN 2022
YOY) 2021 31
ET 2022
27 (-13%
AVERAGE DAYS ON M A RK
2021
2022
2021
M EDI A N SA L E PRI CE
1,351 SOL D L I ST I N GS
$610,000
FAM ILY
2 0 2 2 M A RK ET I N SI GH TS
132 Wingfoot Drive, Barnstable
Source: CCIMLS For the purpose of this report,Upper Cape includes Bourne,Falmouth,Mashpee,Sandwich
Bourne
SINGLE FAM ILY
N EW L I ST I N GS
2022
203 (-8% YOY)
2021
221
M EDI A N SA L E PRI CE
2022
$589,000 (+13% YOY)
2021
$519,000
Falmouth
SINGLE FAM ILY
AVERAGE DAYS ON M A RK ET
2022
26 (-26% YOY)
2021
35
SOL D L I ST I N GS
2022
171(-16% YOY)
2021
205
2022
526 (+1% YOY)
2021
517
M EDI A N SA L E PRI CE
2022
$720,000 (+6% YOY)
2021
$675,000
AVERAGE DAYS ON M A RK ET
2022
N EW L I ST I N GS 2022
23 (-30% YOY) 2021
SOL D L I ST I N GS
434 (-16% YOY) 2021 519
33
Mashpee
SINGLE FAM ILY
N EW L I ST I N GS
2022
289 (-11% YOY)
2021 327
M EDI A N SA L E PRI CE
2022
$750,000 (+10% YOY)
2021
$678,000
Sandwich
AVERAGE DAYS ON M A RK ET
34 (-15% YOY)
SOL D L I ST I N GS
222 (-20% YOY)
N EW L I ST I N GS
2022
335 (-11% YOY) 2021 379
M EDI A N SA L E PRI CE
2022
$640,000 (+11% YOY)
2021
$575,000
AVERAGE DAYS ON M A RK ET
2022
27 (+13% YOY)
SOL D L I ST I N GS
269 (-22% YOY)
SINGLE FAM ILY Source: CCIMLS
2022
2021 278
2022
40
2021
2022
2021 349
24
2021
UpperCape
CONDOM INIUM S
27 (-29% YOY)
$515,000 (+17% YOY)
SOL D L I ST I N GS
279 (-7% YOY)
2022
2021 306
2022
302 (-1% YOY)
N EW L I ST I N GS
2021 38
2022
AVERAGE DAYS ON M A
RK ET
2021 303
2022
2021
A N SA L E
$440,000 M EDI
PRI CE
2 0 2 2 M A RK ET I N SI GH TS
5 Truro Road, Mashpee
Source: CCIMLS For the purpose of this report,Upper Cape includes Bourne,Falmouth, Mashpee,Sandwich
683 Mistic Drive, Barnstable the of this Bourne,Falmouth,Mashpee,Sandwich
Bourne CONDOM INIUM S
2022
50 (+28% YOY)
2021
39
M EDI A N SA L E PRI CE
2022
$549,900 (+42% YOY)
2021
$385,000
Falmouth
CONDOM INIUM S
AVERAGE DAYS ON M A RK ET
2022
53 (-9% YOY)
2021 58
N EW L I ST I N GS 2022
SOL D L I ST I N GS
51(+18% YOY) 2021 43
2022
78 (+14% YOY)
2021
68
M EDI A N SA L E PRI CE
2022
$570,000 (+12% YOY)
2021
$506,500
AVERAGE DAYS ON M A RK ET
2022
N EW L I ST I N GS 2022
18 (-45% YOY) 2021 33
SOL D L I ST I N GS
67 (+9% YOY) 2021 61
Mashpee
CONDOM INIUM S
N EW L I ST I N GS
2022
144 (-18% YOY)
2021
176
M EDI A N SA L E PRI CE
2022
$518,250 (+9% YOY)
2021
$475,000
Sandwich
CONDOM INIUM S
N EW L I ST I N GS
2022
30 (+30% YOY)
2021
23
M EDI A N SA L E PRI CE
2022
$390,000 (+16% YOY)
2021
$335,000
AVERAGE DAYS ON M A RK ET
2022
24 (-31% YOY)
2021
35
SOL D L I ST I N GS
2022
134 (-22% YOY)
2021 174
AVERAGE DAYS ON M A RK ET
2022
11(-70% YOY)
SOL D L I ST I N GS
2022
27 (+8% YOY)
2021
25
Source: CCIMLS
2021 37
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2 0 2 2 M A RK ET I N SI GH TS
32 Oliver Drive, Dennis
Source: CCIMLS For the purpose of this report,Mid Cape includes Barnstable,Dennis,Yarmouth
MidCape
SINGLE FAM ILY
2022
1,486 (-18% YOY)
2021
1,819
AVERAGE
2022
27 (-16% YOY)
2021
32
2022
$600,000 (+14% YOY)
2021
$525,000
SOL D L I ST I N GS
2022
1,365 (-18% YOY)
2021
1,675
L I ST I N GS TA K EN DAYS ON M A RK ET M EDI A N SA L E PRI CEBarnstable
SINGLE FAM ILY
2022
722 (-19% YOY) 2021
900
M EDI A N SA L E PRI CE
2022
$650,000 (+14% YOY) 2021
$570,050
AVERAGE DAYS ON M A RK ET
2022
N EW L I ST I N GS 2022
32 (-20% YOY) 2021 40
SOL D L I ST I N GS
660 (-18% YOY) 2021 810
Dennis
SINGLE FAM ILY
N EW L I ST I N GS
2022
309 (-17% YOY)
2021
373
M EDI A N SA L E PRI CE
2022
$622,500 (+16% YOY)
2021
$533,000
Yarmouth
SINGLE FAM ILY
N EW L I ST I N GS
2022
455 (-16% YOY)
2021
546
M EDI A N SA L E PRI CE
2022
$540,000 (+15% YOY)
2021
$469,500
AVERAGE DAYS ON M A RK ET
2022
29 (+7% YOY)
2021
27
SOL D L I ST I N GS
2022
282 (-20% YOY)
2021
355
AVERAGE DAYS ON M A RK ET
2022
18 (-14% YOY)
SOL D L I ST I N GS
2022
423 (-17% YOY) 2021
510
Source: CCIMLS
2021 21
MidCape
CONDOM INIUM S
277 (-28% YOY)
AVERAGE DAYS
33 (-8% YOY)
$350,000 (+37% YOY)
SOL D L I ST I N GS
270 (-26% YOY)
2022
2021 386
2022
N EW L I ST I N GS
2021 36
2022
ON M A RK ET
2021 365
2022
2021
EDI A N SA L E PRI
$255,000 M
CE
72
2 0 2 2 M A RK ET I N SI GH TS
Source: CCIMLS For the purpose of this report,Mid Cape includes Barnstable,Dennis,Yarmouth
Kates Path, Yarmouth
Barnstable
2022 79 (-33% YOY) 2021 118 N EW L I ST I N GS 2022 73 (-31% YOY) 2021 106 SOL D L I ST I N GS 2022 $321,000 (+25% YOY) 2021 $256,750 M EDI A N SA L E PRI CE 2022 26 (-7% YOY) 2021 28 AVERAGE DAYS ON M A RK ET
CONDOM INIUM S
CONDOM INIUM S
N EW L I ST I N GS
2022
89 (-34% YOY)
2021
136
M EDI A N SA L E PRI CE
2022
$342,500 (+46% YOY)
2021
$233,000
Yarmouth
CONDOM INIUM S
AVERAGE DAYS ON M A RK ET
2022
54 (+59% YOY)
2021
34
SOL D L I ST I N GS
2022
88 (-31% YOY)
2021
128
2022
109 (-17% YOY)
2021
132
M EDI A N SA L E PRI CE
2022
$362,000 (+25% YOY)
2021
$289,000
AVERAGE DAYS ON M A RK ET
2022
N EW L I ST I N GS 2022
21(-53% YOY) 2021 45
SOL D L I ST I N GS
109 (-16% YOY) 2021 131
Source: CCIMLS
Dennis
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LowerCape
SINGLE
2022 667 (-18% YOY) 2021 818 L I ST I N GS TA K EN 2022 28 (-21% YOY) 2021 42 AVERAGE DAYS ON M A RK ET 2022
2021 805 SOL D L I ST
2022
2021 $777,000 M EDI A N SA L E PRI CE
565 (-29% YOY)
I N GS
$875,000 (+12% YOY)
FAM
ILY
2 0 2 2 M A RK ET I N SI GH TS
62 Chase Street, Chatham
Source: CCIMLS For the purpose of this report,Lower Cape includes Brewster,Chatham, Harwich,Orleans
Brewster
SINGLE FAM ILY
N EW L I ST I N GS
2022
155 (-6% YOY)
2021
165
M EDI A N SA L E PRI CE
2022
$775,000 (+10% YOY)
2021
$700,000
Chatham
SINGLE FAM ILY
N EW L I ST I N GS
2022
182 (-25% YOY)
2021
245
M EDI A N SA L E PRI CE
2022
$1,350,000 (+8% YOY)
2021
$1,250,000
AVERAGE DAYS ON M A RK ET
2022
20 (-60% YOY) 2021
SOL D L I ST I N GS
132 (-24% YOY)
AVERAGE DAYS ON M A RK ET
38 (-42% YOY)
SOL D L I ST I N GS
157 (-35% YOY)
2022
2021
175
30
2022
242
2021
2022
65
2021
Harwich
SINGLE FAM ILY
N EW L I ST I N GS
2022
225 (-12% YOY)
2021 258
M EDI A N SA L E PRI CE
2022
$703,500 (+15% YOY)
2021
$610,000
Orleans
SINGLE FAM ILY
N EW L I ST I N GS
2022
105 (-30% YOY) 2021
M EDI A N SA L E PRI CE
2022
$1,139,000 (+19% YOY)
2021
$951,000
AVERAGE DAYS ON M A RK ET
2022
17 (-23% YOY)
AVERAGE DAYS ON M A RK ET
47 (-16% YOY)
D L I ST I N GS
88 (-32% YOY)
2022
2021 257
188 (-26% YOY)
SOL D L I ST I N GS
2021 22
150
2022
2021 131
SOL
2022
2021 56
Source: CCIMLS
2 0 2 2 M A RK ET I N SI GH TS
34 Cockle Cove Ridge, Unit 34, Chatham
Source: CCIMLS For the purpose of this report,Lower Cape includes Brewster,Chatham, Harwich,Orleans
LowerCape
CONDOM INIUM S
N EW L I ST I N GS
2022
139 (-36% YOY)
2021
219
AVERAGE DAYS ON M A RK ET
2022
40 (+48% YOY)
2021
27
2022
$379,000 (+0.8% YOY)
2021
$376,000
SOL D L I ST I N GS
2022
140 (-32% YOY)
2021
206
M EDI A N SA L E PRI CEBrewster
CONDOM INIUM S
N EW L I ST I N GS
2022
50 (-43% YOY)
2021
89
M EDI A N SA L E PRI CE
2022
$378,000 (+0.3% YOY)
2021
$377,000
Chatham
CONDOM INIUM S
N EW L I ST I N GS
2022
25 (-34% YOY)
2021 38
M EDI A N SA L E PRI CE
2022
$542,500 (-2% YOY)
2021
$555,000
AVERAGE DAYS ON M A RK ET
2022
16 (+100% YOY)
2021 8
SOL D L I ST I N GS
2022
53 (-34% YOY)
2021
81
AVERAGE DAYS ON M A RK ET
2022
66 (+69% YOY)
2021 39
SOL D L I ST I N GS
2022
20 (-42% YOY)
2021 35
CONDOM INIUM S
M EDI A N SA L E PRI CE
$331,250 (+1% YOY)
50 (+22% YOY)
2022
AVERAGE DAYS ON M A RK ET
2022
54 (+38% YOY)
2022
31(-26% YOY)
2021
CONDOM INIUM S Source: CCIMLS
2022
2021 47
2022 36 (-25% YOY) 2021 48 SOL D L I ST I N GS 2022
34 (-27% YOY)
N EW L I ST I N GS
2021
2022
$327,500 2021 41
AVERAGE DAYS ON M A RK ET
Harwich
2021 45
30 (-33% YOY)
2021 42
2022
N EW L I ST I N GS
SOL D L I ST I N GS
$399,000 (+12% YOY)
$353,950
M EDI A N SA L E PRI CE Q3 2021 39
Q3
Orleans
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2 0 2 2 M A RK ET I N SI GH TS
7 Harbour Drive, Provincetown
Source: CCIMLS For the purpose of this report,Outer Cape includes Eastham,Wellfleet, Truro,Provincetown
SINGLE FAM ILY
2022 296 (-14% YOY) 2021 348 L I ST I N GS TA K EN 2022 26
YOY) 2021 44 AVERAGE DAYS ON M A RK ET 2022
2021 362 SOL D L I ST I N GS 2022
(-41%
233 (-35% YOY)
YOY) 2021
$895,000 (+6%
$843,250 M EDI A N SA L E PRI CE OuterCape
Eastham
Wellfleet
SINGLE FAM ILY
SINGLE FAM ILY 2022
72 (+9% YOY)
$940,000 (+16%
2022
2021 163
EW
2022 107 (-36% YOY) 2021 169 SOL D L I ST I N GS 2022
133 (-18% YOY)
N
L I ST I N GS
$743,000 (+9% YOY) 2021
EDI
2022
(-54% YOY) 2021 39 AVERAGE DAYS ON M A RK ET
$677,000 M
A N SA L E PRI CE
18
2021 66
2022
YOY) 2021 75 SOL D L I ST I N GS
N EW L I ST I N GS
62 (-17%
2022
2022
YOY) 2021 35
DAYS ON M A RK ET
YOY) 2021 $805,000 M EDI A N SA L E PRI CE
19 (-46%
AVERAGE
Truro
SINGLE FAM ILY
N EW L I ST I N GS
2022
50 (-9% YOY)
2021
55
M EDI A N SA L E PRI CE
2022
$1,325,000 (+29% YOY)
2021
$1,025,007
Provincetown
SINGLE FAM ILY
N EW L I ST I N GS
2022
41(-35% YOY)
2021
64
M EDI A N SA L E PRI CE
2022
$2,075,921(+33% YOY)
2021
$1,550,000
AVERAGE DAYS ON M A RK ET
2022
37 (-41% YOY)
2021 63
SOL D L I ST I N GS
2022
33 (-49% YOY)
AVERAGE DAYS ON M A RK ET
2022
60 (+28% YOY)
SOL D L I ST I N GS
2022
31(-41% YOY)
Source: CCIMLS
2021 65
2021 53
2021 47
2 0 2 2 M A RK ET I N SI GH TS
30 Shank Painter Road, Unit 303, Provincetown
Source: CCIMLS For the purpose of this report,Outer Cape includes Eastham,Wellfleet, Truro,Provincetown
OuterCape
CONDOM INIUM S
N EW L I ST I N GS
2022
219 (-7% YOY)
2021
236
AVERAGE DAYS ON M A RK ET
2022
36 (-56% YOY)
2021
81
M EDI A N SA L E PRI CE
2022
$662,500 (+21% YOY)
2021
$546,500
SOL D L I ST I N GS
2022
194 (-15% YOY)
2021
230
Eastham
CONDOM INIUM S
N EW L I ST I N GS
2022
21(+23% YOY)
2021
17
M EDI A N SA L E PRI CE
2022
$544,000 (+102% YOY)
2021
$268,350
Wellfleet
CONDOM INIUM S
N EW L I ST I N GS
2022
18 (+80% YOY)
2021
10
M EDI A N SA L E PRI CE
2022
$399,000 (+19% YOY)
2021
$334,500
AVERAGE DAYS ON M A RK ET
2022
49 (+40% YOY)
2021
35
SOL D L I ST I N GS
2022
19 (+18% YOY)
2021
16
AVERAGE DAYS ON M A RK ET
2022
34 (-43% YOY) 2021 60
SOL D L I ST I N GS
2022
15 (+25% YOY)
2021 12
N EW L I ST I N GS
29 (-38% YOY) 2021 47
M EDI A N SA L E PRI CE
$470,000 (+25% YOY)
2021
$375,000
Provincetown
N EW L I ST I N GS
2022
151(-6% YOY)
M EDI A N SA L E PRI CE
$774,900 (+10% YOY) 2021
$699,000
AVERAGE DAYS ON M A RK ET
AVERAGE DAYS ON M A RK ET
2022
2022
2021 51 SOL D L I ST I N GS
25 (-50% YOY)
2022
2022
2021 78
25 (-68% YOY)
Truro CONDOM INIUM S
2021 162
2022
2021 151 SOL
135 (-10% YOY)
D L I ST I N GS 2022
2022
2021 89
36 (-60% YOY)
CONDOM INIUM S Source: CCIMLS
Brewster
2404 Main Street
Brewster,MA 02631
Main Office: 508 896 5000
Rental Office: 508 255 7100
HarwichPort
587 Route 28
Harwich Port,MA 02646
Main Office: 508.432.6100
Rental Office: 508.255.7100
Chatham
409 Main Street
Chatham,MA 02633
Main Office: 508 945 0000
Rental Office: 508 255 7100
Orleans 6 Route 6A
Orleans,MA 02653
Main Office: 508.255.6000
Rental Office: 508.255.7100
Dennis
563 Route 6A
Dennis,MA 02638
Main Office: 508 385 4944
Rental Office: 508 385 6100
Provincetown
168 Commercial Street
Provincetown,MA 02657
Main Office: 508.487.2430
Rental Office: 508.487.2430
Lookingformoreinsights?Contact ourCapeCodteam.
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