May Cape Cod Real Estate Market Statistics: Median Sales Price Rises Again

 

WEST YARMOUTH, MA—(June 12, 2017) According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 503 homes sold in May, 414 single-family homes and 89 condominiums. Median sales price was $415,000 for single-family homes and $285,000 for condominiums. Last May, 527 homes (452 single- family homes and 75 condos) sold at a median price of $369,000 for single-family homes and $275,000 for condominiums.
Year-to-date, 1,557 single-family homes have sold for a median price of $386,625 and 349 condominiums have sold for a median price of $265,000 – compared to last year through May, 1,561 single-family homes had sold for a median price of $356,000 and 355 condominiums had sold for a median price of $268,000.

“Buyer interest in Cape Cod remains very strong, but significantly lower inventory levels from 2016 pose a long-term danger to the market due to the drastic increase in list price. If this trend continues, buyers may begin to sit on the sidelines due to a lack of inventory and the resulting high prices for what is on the market. Due in part to a 28.6% reduction in inventory, we are seeing close to historic lows for days on market, months inventory and affordability index and all-time high for % of list price.” said Greg Murphy, President of the Cape Cod & Islands Association of REALTORS®.

Sales pending at the end of May were 406 for single-family homes and 112 for condominiums – a 8.4 percent decrease for single-family and a 21.7 percent increase for condominiums, which will show up in closed home sales in the coming months. Last May, there were 428 pending single-family homes and 92 pending condominiums.

At the end of May, there were 2,222 single-family homes for sale and 518 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last May, there were 3,113 single-family homes and 733 condos listed as active for sale.

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

More detailed information and town by town statistics can be found at CapeCodRealEstateStats.com

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2017-06-13T20:35:49+00:00