August 2018 Market Report: Inventory Decline Stabilizing
September 17, 2018 Research & Data
According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 463 homes sold in August, 358 single-family homes and 105 condominiums. Median sales price was $420,000 for single-family homes and $289,900 for condominiums. Last August, 501 homes (383 single-family homes and 118 condos) sold at a median price of $390,000 for single-family homes and $270,250 for condominiums.
Year-to-date, 2,598 single-family homes have sold for a median price of $420,500 and 683 condominiums have sold for a median price of $293,512 – compared to last year through August, 2,813 single-family homes had sold for a median price of $389,000 and 686 condominiums had sold for a median price of $266,250.
Sales pending at the end of August were 391 for single-family homes and 97 for condominiums – a 1.8 percent increase for single-family and a 1 percent decrease for condominiums, which will show up in closed home sales in the coming months. Last August, there were 384 pending single-family homes and 98 pending condominiums.
“The massive decline in inventory year over year seems to be stabilizing."
"A key indicator we usually look at is 'months supply of inventory,' meaning the number of months it would take to sell all supply at the current pace. That is rising, fueled by a lower number of sales Cape-wide, which leads to a longer time to sell off all inventory, and double digit percent increases in homes for sale in what were the most inventory starved towns, such as Yarmouth, Falmouth, Harwich and Provincetown.” notes Martha Knapp, President of the Cape Cod & Islands Association of REALTORS®. “Market conditions are varying widely, even village to village, and it’s important to identify and find a professional to guide you through what is happening in your specific market.”
New listings in August for single-family homes were 648, and 155 for condominiums. This is a 21.3% increase, and a 14.8% increase respectively, from last August. Last August, there were 534 new listings for single-family homes, and 135 for condominiums.
Cumulative days on market for August decreased 6.3% for single-family homes compared to last August, shrinking from 96 days to 90 days. Condominiums also saw cumulative days on market decrease compared to last August, shrinking from 95 days to 83 days, a 12.6% decrease.
Data released reflects all residential and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.
For detailed town-by-town statistics please visit http://capecodrealestatestats.com/