February Housing Report: Median Price Rises; Inventory Falls

WEST YARMOUTH, MA—(March 21, 2017) According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 233 homes sold in February; 194 single-family homes and 39 condominiums. Median sales price was $373,500 for single-family homes and $240,000 for condominiums. Last February, 260 homes (210 single- family homes and 50 condos) sold at a median price of $332,500 for single-family homes and $363,750 for condominiums.

Year-to-date, 469 single-family homes have sold for a median price of $370,000 and 99 condominiums have sold for a median price of $251,500 – compared to last year through February, 430 single-family homes had sold for a median price of $342,750 and 112 condominiums had sold for a median price of $322,500.

“There still remains high interest in Cape Cod real estate; however, the shrinking inventory is finally catching up. There are a lot of buyers looking, but are finding that their options are limited and as such, are forced to sit on the sideline. This makes for interesting data as the median price rises, but the number of sales decreases – a trend we expect to continue until more inventory becomes available.” said Gregory Murphy, President of the Cape Cod & Islands Association of REALTORS®.

Sales pending at the end of February were 237 for single-family homes and 56 for condominiums – a 13.2 percent decrease for single-family and a 1.8 percent decrease for condominiums, which will show up in closed home sales in the coming months. Last February, there were 273 pending single-family homes and 57 pending condominiums.

At the end of February, there were 1,991 single-family homes for sale and 504 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last February, there were 2,664 single-family homes and 640 condos listed as active for sale.

Data released reflects all residential and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County. For more information please reference CapeCodRealEstateStats.com.

2017-05-05T20:26:38+00:00

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