November Housing Report: Inventory of homes for sale drops to historic lows

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According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 469 homes sold in November, 384 single-family homes and 85 condominiums in Barnstable County. Median sales price was $400,000 for single-family homes and $290,000 for condominiums. Last November, 405 homes (333 single- family homes and 72 condos) sold at a median price of $375,000 for single-family homes and $316,000 for condominiums.

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Year-to-date, 440 more single-family homes have been sold in 2016 than 2015. 4,017 single-family homes have sold for a median price of $375,000 and 929 condominiums have sold for a median price of $275,000 – compared to last year through November when 3,576 single-family homes had sold for a median price of $365,500 and 942 condominiums sold for a median price of $267,750.

“We are on track for a strong finish to 2016. Pending sales for single-family-homes and condos are up significantly over last year at this time. While rising mortgage interest rates have not put a damper on demand for housing, low inventory levels have made it difficult for home buyers to find homes—especially first-time homebuyers. The boost in real estate sales squeezes the already low inventory of homes for sale to historically low levels, with only 1,986 single-family homes and 488 condominiums for sale at the end of November. This is the first time inventory levels have dipped below 2,000 on market single-family homes in Barnstable County since the Cape Cod & Islands Multiple Listing Service began computerization of market data. This creates a tremendous opportunity for homeowners who are ready to sell their homes.” said Laura Usher, President of the Cape Cod & Islands Association of REALTORS®.

Sales pending at the end of November were 557 for single-family homes and 111 for condominiums – a 78.5 percent increase for single-family and a 40.5 percent increase for condominiums, which will show up in closed home sales in the coming months. Last November, there were 312 pending single-family homes and 79 pending condominiums.

At the end of November, there were 1,986 single-family homes for sale and 488 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last November, there were 3,151 single-family homes and 725 condos listed as active for sale.

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

2017-05-05T20:26:39+00:00

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