June 2018 Market Report: Buyers Need to Act Quicker in Current Market
June 1, 2018 Research & Data
According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 535homes sold in June, 413 single-family homes and 122 condominiums. Median sales price was $438,320 for single-family homes and $322,500 for condominiums. Last June, 612 homes (479 single-family homes and 133 condos) sold at a median price of $399,000 for single-family homes and $260,000 for condominiums.
Year-to-date, 1,870 single-family homes have sold for a median price of $420,000 and 492 condominiums have sold for a median price of $299,450 – compared to last year through June, 2,052 single-family homes had sold for a median price of $390,000 and 492 condominiums had sold for a median price of $260,500.
Cumulative days on market for June decreased 20.2% for single-family homes compared to last June, shrinking from 119 days to 95 days. Condominiums also saw cumulative days on market decrease compared to last June, shrinking from 122 days to 85 days, a 30.3% decrease.
“Homes are selling faster and for higher prices at this time than at any point in the last four years, reflecting the Cape’s status as a desirable seasonal and year-round destination.” Says Martha Knapp, President of the Cape Cod & Islands Association of REALTORS®. “Buyers and sellers need to be ready to act quickly as listings move quickly and multi-offer situations are becoming increasingly common. Engaging a local, professional REALTOR® can help homebuyers and homeowners successfully navigate a fast-moving market.”
Sales pending at the end of June were 321 for single-family homes and 101 for condominiums – a 15.7 percent decrease for single-family and a 4.7 percent decrease for condominiums, which will show up in closed home sales in the coming months. Last June, there were 381 pending single-family homes and 106 pending condominiums.
New listings in June for single-family homes were 542, and 140 for condominiums. This is a 3% increase, and 6.1% increase respectively, from last June. Last June, there were 526 new listings for single-family homes, and 132 for condominiums.
Data released reflects all single family homes and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.
For detailed town by town statistics please visit CapeCodRealEstateStats.com.