May 2018 Market Report: Buyer Demand Remains Strong
June 7, 2018 Research & Data
According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 485 homes sold in May, 399 single-family homes and 86 condominiums. Median sales price was $429,000 for single-family homes and $290,750 for condominiums. Last May, 517 homes (423 single-family homes and 94 condos) sold at a median price of $419,000 for single-family homes and $285,000 for condominiums.
Year-to-date, 1,443 single-family homes have sold for a median price of $408,400 and 366 condominiums have sold for a median price of $282,750 – compared to last year through May, 1,573 single-family homes had sold for a median price of $386,625 and 359 condominiums had sold for a median price of $262,000.
"Demand remains very strong as we head into the peak summer season, however, we are looking at a real housing production deficit on Cape Cod."
“Eleven out of 16 towns on Cape Cod are flat or declining with regard to new listings year to date versus 2017; Provincetown, Orleans, Mashpee and Dennis are showing declines of 10% or more.” Notes Martha Knapp, President of the Cape Cod & Islands Association of REALTORS®. “Bringing more existing homes onto the market has not been enough to satisfy demand. We need to increase new housing production to meet the needs of Cape residents and homeowners or housing will become increasingly unaffordable in most market segments.”
Sales pending at the end of May were 414 for single-family homes and 106 for condominiums – a 6.5 percent decrease for single-family and a 7.8 percent decrease for condominiums, which will show up in closed home sales in the coming months. Last May, there were 443 pending single-family homes and 115 pending condominiums.
Data released reflects all residential and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.
For more detailed town-by-town statistics please visit CapeCodRealEstateStats.com