MARKET UPDATE: August sales show gains in Cape Cod market

According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 456 homes sold in August,  370 single-family homes and 86 condominiums. Median sales price was $385,275 for single-family homes and $301,250 for condominiums. Last August, 412 homes (321 single- family homes and 91 condos) sold at a median price of $363,750 for single-family homes and $295,000 for condominiums.

Year-to-date, 2,810 single-family homes have sold for a median price of $369,500 and 646 condominiums have sold for a median price of $273,000 – compared to last year through August, 2,443 single-family homes had sold for a median price of $360,000 and 657 condominiums had sold for a median price of $254,800.

“There was no real break between our spring and summer markets this year—it was a busy summer selling season for real estate agents across the Cape and Islands.  Already low inventory levels have dipped significantly as a result. We hope that homeowners on the Cape who have been thinking of selling will recognize the opportunity in the current market. Interest rates have remained historically low, and there are plenty of buyers waiting to buy. We just need to build up our supply of homes on the Cape,” said Laura Usher, President of the Cape Cod & Islands Association of REALTORS®.

Sales pending at the end of August were 652 for single-family homes and 141 for condominiums – a 66.8 percent increase for single-family and a 62.1 percent increase for condominiums, which will show up in closed home sales in the coming months. Last August, there were 391 pending single-family homes and 87 pending condominiums.

At the end of August, there were 2,412 single-family homes for sale and 564 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last August, there were 3,590 single-family homes and 857 condos listed as active for sale.

Data released reflects all residential and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.

2017-05-05T20:26:43+00:00

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