December Housing Market Update: Inventory at historic lows

November Inventory Graphic

 

According to preliminary data released today by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 393 homes sold in November,  324 single-family homes and 69 condominiums. Median sales price was $374,300 for single-family homes and $334,500 for condominiums. Last November, 326 homes (255 single family homes and 71 condos) sold at a median price of $345,000 for single-family homes and $235,000 for condominiums.

Year-to-date, 3,600 single family homes have sold for a median price of $365,000 and 933 condominiums have sold for a median price of $265,000 – compared to last year through November, 3,396 single family homes had sold for a median price of $355,000 and 871 condominiums had sold for a median price of $271,000.

“November saw an especially large increase in closed sales but a decrease in sales in October. That speaks to why it’s important to look at the market in a year-to date-approach. With the exception of no obvious increase in luxury home sales, we’re seeing a vibrant real estate market everywhere else. It could be even better, though if we didn’t have such a low inventory,” CCIAOR President, Aleta Azarian said.

Sales pending at the end of November were 451 for single-family homes and 124 for condominiums – a 72.8 percent increase for single-family and a 82.4 percent increase for condominiums, which will show up in closed home sales in the coming months. Last November, there were 261 pending single-family homes and 68 pending condominiums.

“We’ve been extremely lucky with the nice weather and continue to see many potential buyers on the Cape. Since inventory has dropped to a low even for this time of year, it’s really one of the best times I’ve ever seen for putting your house on the market. There’s a lot of buying interest, especially when potential buyers can’t find the exact house they want. This also helps the sales of homes that have been on the market for a while.”

At the end of November, there were 2,637 single family homes for sale and 562 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last November, there were 3,297 single family homes and 778 condos listed as active for sale.

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

2017-05-05T20:26:45+00:00

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