JULY HOUSING REPORT: Closed sales down, pending sales up; Inventory remains low

According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 433 homes sold in July, 348 single-family homes and 85 condominiums. Median sales price was $376,000 for single-family homes and $300,000 for condominiums. Last July, 504 homes (397 single- family homes and 107 condos) sold at a median price of $353,000 for single-family homes and $245,000 for condominiums.

Year-to-date, 2,426 single-family homes have sold for a median price of $366,975 and 555 condominiums have sold for a median price of $272,500 – compared to last year through July, 2,122 single-family homes had sold for a median price of $360,000 and 566 condominiums had sold for a median price of $249,450.

“Inventory levels remain low, despite the fact that median prices are up and market activity is strong. Sellers have lingered on the sidelines, while buyers have been actively looking for homes. We are hearing reports of many qualified buyers trying to find homes, but they have been limited by fewer options, caused by the lack of inventory. If you’ve been thinking about selling your home and wondering when to list, the message is clear–the time is now,” said Laura Usher, President of the Cape Cod & Islands Association of REALTORS®.

Sales pending at the end of July were 568 for single-family homes and 149 for condominiums – a 44.5 percent increase for single-family and a 43.3 percent increase for condominiums, which will show up in closed home sales in the coming months. Last July, there were 393 pending single-family homes and 104 pending condominiums.

At the end of July, there were 2,435 single-family homes for sale and 584 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last July, there were 3,522 single-family homes and 828 condos listed as active for sale.

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

2017-05-05T20:26:43+00:00

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