July 2018 Market Report: Historic Highs for Median Sold Price, Historic Lows for Days on Market
July 1, 2018 Research & Data
According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 411 homes sold in July, 330 single-family homes and 81 condominiums. Median sales price was $439,700 for single-family homes and $282,000 for condominiums. Last July, 448 homes (372 single-family homes and 76 condos) sold at a median price of $379,950 for single-family homes and $296,000 for condominiums.
Year-to-date, 2,223 single-family homes have sold for a median price of $422,500 and 575 condominiums have sold for a median price of $295,000 – compared to last year through July, 2,429 single-family homes had sold for a median price of $389,000 and 568 condominiums had sold for a median price of $265,000.
Sales pending at the end of July were 359 for single-family homes and 93 for condominiums – a 8.2 percent decrease for single-family and a 10.6 percent decrease for condominiums, which will show up in closed home sales in the coming months. Last July, there were 391 pending single-family homes and 104 pending condominiums.
“July marked another historic high for single family home sale prices and a historic low for cumulative days on market, a key indicator for how fast a listing that is priced well sells. The median sales price continues to rise year-over-year; a trend that has by and large held steady since 2015,” said Martha Knapp, President of the Cape Cod & Islands Association of REALTORS®. “However, new listings increased 19.5% over July of 2017, showing that the market may finally be responding to sustained, strong demand for housing of all types on Cape Cod as the pace of sales returns to a new normal.”
New listings in July for single-family homes were 563, and 141 for condominiums. This is a 19.5% increase, and a 28.2% increase respectively, from last July. Last July, there were 471 new listings for single-family homes, and 110 for condominiums.
Cumulative days on market for July decreased 23.1% for single-family homes compared to last July, shrinking from 108 days to 83 days. Condominiums also saw cumulative days on market decrease compared to last July, shrinking from 116 days to 104 days, a 10.3% decrease.
Data released reflects all residential and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.
For more information visit CapeCodRealEstateStats.com