WEST YARMOUTH, MA—(February 14, 2017) According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 331 homes sold in January, 272 single-family homes and 59 condominiums. Median sales price was $370,000 for single-family homes and $255,000 for condominiums. Last January, 282 homes (220 single- family homes and 62 condos) sold at a median price of $352,500 for single-family homes and $277,000 for condominiums.
Year-to-date, 272 single-family homes have sold for a median price of $370,000 and 59 condominiums have sold for a median price of $255,000 – compared to last year through January, 220 single-family homes had sold for a median price of $352,500 and 62 condominiums had sold for a median price of $277,000. A recent study by the Massachusetts Association of REALTORS® has found that first-time buyers have slipped to only 35% of the market last year, according to the MAR’s Annual Profile of Home Buyers and Sellers in the state — the lowest percentage of first-time home buyers since the annual study started in 2003.
“We expect a strong 2017 in median price increases due to the continued historic lows of inventory levels. These low inventory levels will only exacerbate affordability and further depress the ability for needed first-time homebuyers to get into the market place. Cape Cod needs an affordable option and the only way for that to happen is with more housing production,” said Greg Murphy, president of the Cape Cod & Islands Association of REALTORS®.
Sales pending at the end of January were 224 for single-family homes and 50 for condominiums – a 6.7 percent decrease for single-family and a 0 percent increase for condominiums, which will show up in closed home sales in the coming months. Last January, there were 240 pending single-family homes and 50 pending condominiums.
At the end of January, there were 1,915 single-family homes for sale and 492 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last January, there were 2,632 single-family homes and 623 condos listed as active for sale.
Data released reflects all residential and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.