August 2019 Cape Cod Market Report Released
September 16, 2019 Research & Data CCIAOR Data and Research
According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 477 homes sold in August, 382 single-family homes and 95 condominiums. Median sales price was $430,500 for single-family homes and $349,000 for condominiums. Last August, 477 homes (368 single-family homes and 109 condos) sold at a median price of $417,500 for single-family homes and $289,900 for condominiums.
Sales pending at the end of August were 350 for single-family homes and 114 for condominiums – a 15.0 percent decrease for single-family and a 7.5 percent increase for condominiums, which will show up in closed home sales in the coming months. Last August, there were 412 pending single-family homes and 106 pending condominiums.
"The market for homes at the median sales price and lower is very strong, with the Market Makers Survey reporting that this segment is a sellers market, with a lot of qualified buyers taking advantage of low interest rates. While the market could still use more inventory, the affordability index has actually risen 6 points to 89%. Entry level buyers could do well to tap into the Cape's condo market, where comparatively higher levels of inventory present potential buyers with more options and leverage." Observed CCIAOR President Joe Arnao.
New listings in August for single-family homes were 517, and 136 for condominiums. This is a 20.1 percent decrease, and a 11.7 percent decrease respectively from last August, which had 647 new listings for single-family homes and 154 new listings for condominiums.
Cumulative days on market for August stayed the same for single-family homes compared to last August at 90 days. Condominiums saw cumulative days on market increase compared to last August, rising from 83 days to 89 days, a 7.2 percent increase.
The CCIAOR Market Makers Confidence Index held steady at 66 out of 100, the same level reported in July.
Data released reflects all residential single-family homes and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.
For detailed town-by-town and historical statistics please visit CapeCodRealEstateStats.com.