MARKET UPDATE: Sales expected to end year up

october-2016-salesAccording to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 477 homes sold in October, 396 single-family homes and 81 condominiums. Median sales price was $395,000 for single-family homes and $327,750 for condominiums. Last October, 491 homes (377 single- family homes and 114 condos) sold at a median price of $378,000 for single-family homes and $272,500 for condominiums.
Year-to-date, 3,622 single-family homes have sold for a median price of $375,000 and 840 condominiums have sold for a median price of $275,000 – compared to last year through October, 3,243 single-family homes had sold for a median price of $365,000 and 870 condominiums had sold for a median price of $261,183.october-2016-quick-facts

“After an exceptionally busy fall, we expect a strong finish to the year when pending sales show up as closed. Low interest rates, a steady stream of qualified buyers and seasonably warm temperatures have all contributed to a favorable real estate market on the Cape and Islands. However, inventory levels cannot keep pace with sales and remain at record lows. We continue to encourage homeowners to list their properties as we prepare for a strong spring market”.

Sales pending at the end of October were 638 for single-family homes and 149 for condominiums – a 63.6 percent increase for single-family and a 58.5 percent increase for condominiums, which will show up in closed home sales in the coming months. Last October, there were 390 pending single-family homes and 94 pending condominiums.

At the end of October, there were 2,254 single-family homes for sale and 528 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last October, there were 3,464 single-family homes and 799 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

Leave A Comment