Cape Cod Market Update: Median Sale Price Rises Again; Pending Sales Dip

WEST YARMOUTH, MA—(October 16, 2017) According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 467 homes sold in September, 356 single-family homes and 111 condominiums. Median sales price was $425,000 for single-family homes and $286,500 for condominiums. Last September, 514 homes (406 single-family homes and 108 condos) sold at a median price of $390,000 for single-family homes and $268,000 for condominiums.

Year-to-date, 3,151 single-family homes have sold for a median price of $392,500 and 794 condominiums have sold for a median price of $270,000 – compared to last year through September, 3,236 single-family homes had sold for a median price of $370,000 and 763 condominiums had sold for a median price of $269,000.

“The trend towards higher prices and lower inventory levels on Cape Cod shows no sign of slowing down as we head into fall.” says Gregory Murphy, President of the Cape Cod & Islands Association of REALTORS®. “We are in a sellers market where multi-offer situations are becoming increasingly common across the board. Given that inventory continues to hold at historically low levels, we are starting to see towns turn towards creative measures to ensure that homeownership stays an attainable goal for Cape residents.”

Sales pending at the end of September were 324 for single-family homes and 110 for condominiums – a 19.8 percent decrease for single-family and a 15.8 percent increase for condominiums, which will show up in closed home sales in the coming months. Last September, there were 404 pending single-family homes and 95 pending condominiums.

At the end of September, there were 2,282 single-family homes for sale and 494 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last September, there were 3,084 single-family homes and 711 condos listed as active for sale.

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

 

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2017-10-17T02:13:27+00:00

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