Barnstable Town, MA Housing Market Overview - November 2024
The Barnstable Town, MA metro area is experiencing a dynamic shift in its housing market as of November 2024. The Median Sales Price has decreased to $700,000, reflecting a year-over-year decline of 3.4%. This downward trend in sales prices suggests a cooling in the market, potentially offering opportunities for buyers.
Conversely, the Median List Price stands at $689,900, down by 1.4% from the previous year. This slight decrease indicates that sellers are adjusting their expectations in response to market conditions. However, the median Price Per Square Foot has risen to $474.84, marking a 4.4% increase year-over-year, while the Median List Price per square foot has surged by 6.3% to $477.43. These figures suggest that while overall prices are softening, the value attributed to property size is on the rise.
In terms of sales activity, the number of Homes Sold has increased by 5.0% year-over-year, totaling 377 units. Pending Sales have seen a significant rise of 16.5%, reaching 339 units. This uptick in sales activity indicates strong buyer interest despite the overall price adjustments. However, New Listings have decreased by 5.9% to 269, which may contribute to the competitive nature of the market.
Inventory levels have increased by 15.8% to 893 units, providing more options for potential buyers. The Months of Supply have also risen by 30.0% to 2.40 months, suggesting a shift towards a more balanced market. The Median Days on Market have increased by 10.0% to 28 days, indicating that homes are taking slightly longer to sell compared to last year.
The average sale to list ratio has decreased by 1.5% to 97.7%, and the percentage of Homes Sold above list price has dropped significantly by 18.8% to 19.1%. These metrics suggest that buyers are gaining more negotiating power. Additionally, the percentage of Price Drops has decreased by 2.5% to 24.7%, while the percentage of homes going off market in two weeks has declined by 8.0% to 27.7%, further indicating a shift in market dynamics.
Overall, the Barnstable Town housing market is exhibiting a mix of trends, with declining median prices and increased inventory suggesting a more favorable environment for buyers. However, the rise in Price Per Square Foot and strong sales activity indicate continued demand and value in the market. Stakeholders should remain vigilant and adaptable to these evolving conditions.
