April 2019 Market Report: Buyers Coming Back Into Marketplace Lured by Interest Rates
May 14, 2019 Research & Data
According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 421 homes sold in April, 331 single-family homes and 91 condominiums. Median sales price was $425,000 for single-family homes and $250,000 for condominiums. Last April, 439 homes (338 single-family homes and 101 condos) sold at a median price of $399,000 for single-family homes and $295,000 for condominiums.
Sales pending at the end of April were 368 for single-family homes and 85 for condominiums – a 1.3percent decrease for single-family and a 5.6 percent decrease for condominiums, which will show up in closed home sales in the coming months. Last April, there were 373 pending single-family homes and 90 pending condominiums.
New listings in April for single-family homes were 629, and 191 for condominiums. This is a 4.1 percent increase, and a 40.4 percent increase respectively from last April, which had 604 new listings for single-family homes and 136 new listings for condominiums.
According to CCIMLS data and agent feedback from the CCIAOR Market Makers survey, “Low interest rates are bringing buyers back to the market, especially in the under $500,000 range, where many of our members are seeing an increase in activity.” says CCIAOR President Joe Arnao.
“However, a continued low level of inventory is constraining the market and driving list prices up in some segments, which is keeping properties out of reach for some buyers. New listings are coming on the market to meet demand, but the numbers and member feedback point to the market staying tilted in favor of sellers for some time.””
Cumulative days on market for April increased 7.1 percent for single-family homes compared to last April, rising from 112 days to 120 days. Condominiums saw cumulative days on market decrease compared to last April, falling from 111 days to 94 days, a 15.3 percent decrease.
CCIAOR launched a new initiative this month called Market Makers, where we survey the top 10% of members from the MLS the previous year asking questions of how the market is doing. Included in this initiative is a new confidence index in the market, reflecting how the top performing agents in the Cape market feel about its performance. For the month of April, market confidence was rated 69/100.
Data released reflects all single family and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.