Cape Cod Real Estate Market Update: Total number of sales decrease, prices continue to rise as inventory tightening continues

According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 312 homes sold in January, 253 single-family homes and 59 condominiums. Median sales price was $410,000 for single-family homes and $245,000 for condominiums. Last January, 340 homes (279 single-family homes and 61 condos) sold at a median price of $370,000 for single-family homes and $265,000 for condominiums.

Year-to-date, 253 single-family homes have sold for a median price of $410,000 and 59 condominiums have sold for a median price of $245,000 – compared to last year through January, 279 single-family homes had sold for a median price of $370,000 and 61 condominiums had sold for a median price of $265,000.

“With such strong demand and shortage of inventory, it’s important for buyers to make sure that they have solid representation using a REALTOR®. There are ways and strategies to navigate the market and home buying process to make sure you are finding that house to call home at the right price for you.” said Martha Knapp, President of the Cape Cod & Islands Association of REALTORS®.

Sales pending at the end of January were 185 for single-family homes and 59 for condominiums – a 24.8 percent decrease for single-family and a 1.7 percent increase for condominiums, which will show up in closed home sales in the coming months. Last January, there were 246 pending single-family homes and 58 pending condominiums.

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

2018-02-19T21:14:52+00:00
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