WEST YARMOUTH, MA—(September 14, 2017) According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 482 homes sold in August; 367 single-family homes and 115 condominiums. Median sales price was $396,000 for single-family homes and $267,500 for condominiums. Last August, 474 homes (382 single-family homes and 92 condos) sold at a median price of $385,275 for single-family homes and $290,000 for condominiums.
Year-to-date, 2,776 single-family homes have sold for a median price of $390,000 and 678 condominiums have sold for a median price of $265,000 – compared to last year through August, when 2,830 single-family homes had sold for a median price of $369,000 and 655 condominiums had sold for a median price of $269,000.
“The continuing decline of inventory of homes for sale on Cape Cod presents a potentially worrisome situation in the local marketplace. Strong demand-coupled with nearly historically low supply-will start to price buyers out of the market across income brackets should this trend continue”, said Gregory Murphy, President of the Cape Cod & Islands Association of Realtors. “Stronger inventory levels will create a much healthier market for both buyers and sellers and homeowners who have considered listing their homes can take advantage of a very favorable market at this time.”
Sales pending at the end of August were 370 for single-family homes and 88 for condominiums – a 8.2 percent decrease for single-family and a 2.2 percent decrease for condominiums, which will show up in closed home sales in the coming months. Last August, there were 403 pending single-family homes and 90 pending condominiums.
At the end of August, there were 2,194 single-family homes for sale and 513 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last August, there were 3,073 single-family homes and 726 condos listed as active for sale.
Data released reflects all residential and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.
For detailed town-by-town information: CapeCodRealEstateStats.com