December Cape Cod Housing Report: Inventory Continues at Historic Lows

According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 456 homes sold in December, 371 single-family homes and 85 condominiums. Median sales price was $377,300 for single-family homes and $260,000 for condominiums. Last December, 459 homes (367 single- family homes and 92 condos) sold at a median price of $387,700 for single-family homes and $280,000 for condominiums.

Year-to-date, 4,413 single-family homes have sold for a median price of $375,000 and 1,017 condominiums have sold for a median price of $275,000 – compared to last year through December, 3,943 single-family homes had sold for a median price of $368,750 and 1,034 condominiums had sold for a median price of $268,500.

“Demand for homeownership on Cape Cod remains high. Single-family home sales are up significantly over 2015 and overall sales numbers were strong across the Cape & Islands. However, inventory numbers continue to be at historic lows; in Harwich there is less than 3 months of inventory on the market, the tightest on Cape Cod. Quite simply, more homes are selling per month than are coming on the market. This is creating a sellers’ market in which we anticipate seeing sale prices continue to rise until a balance is achieved.” said Gregory Murphy, President of the Cape Cod & Islands Association of REALTORS®.

Sales pending at the end of December were 415 for single-family homes and 96 for condominiums – a 59.6 percent increase for single-family and a 29.7 percent increase for condominiums, which will show up in closed home sales in the coming months. Last December, there were 260 pending single-family homes and 74 pending condominiums.

At the end of December, there were 1,653 single-family homes for sale and 420 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last December, there were 2,670 single-family homes and 608 condos listed as active for sale.

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

2017-05-05T20:26:39+00:00

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