November 2018 Market Report: Median Sale Price Rises Again - Overall Sales Totals Dip From 2017
December 14, 2018 Research & Data
Median Sale Price Rises Again - Overall Sales Totals Dip From 2017
Rising interest rates beginning to impact the Cape Cod real estate market.
According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 482 homes sold in November, 390 single-family homes and 92 condominiums. Median sales price was $435,000 for single-family homes and $294,000 for condominiums. Last November, 429 homes (323 single-family homes and 106 condos) sold at a median price of $405,000 for single-family homes and $287,500 for condominiums.
“As we close in on the end of the year, we’re forecasting fewer sales than 2017 and fewer pending sales as we head into our year-end numbers. Rising interest rates throughout the year have slowed the pace and volume of sales, though the continuing rise in median sales price and drop in cumulative days on market reflects the region’s overall strength.” notes Martha Knapp, President of the Cape Cod & Islands Association of REALTORS®. “Looking forward to 2019, it is likely that inventory will continue to stabilize as interest rates tick upwards, tempering activity in the market. However, overall strong demand for Cape Cod real estate will continue to reward sellers with a healthy median sales price.”
Year-to-date, 3,771 single-family homes have sold for a median price of $429,000 and 975 condominiums have sold for a median price of $299,900. Compared to last year through November, 3,879 single-family homes had sold for a median price of $398,000 and 1,005 condominiums had sold for a median price of $275,000.
Sales pending at the end of November were 308 for single-family homes and 71 for condominiums – a 9.1 percent decrease for single-family and a 11.3 percent decrease for condominiums, which will show up in closed home sales in the coming months. Last November, there were 339 pending single-family homes and 80 pending condominiums.
New listings in November for single-family homes were 299, and 70 for condominiums. This is a 4.2 percent increase, and a 17.6% decrease respectively from last November, which had 287 new listings for single-family homes and 85 new listings for condominiums.
Cumulative days on market for November decreased 10.7 percent for single-family homes compared to last November, shrinking from 112 days to 100 days. Condominiums saw cumulative days on market increase compared to last November, rising from 92 days to 105 days, a 14.1 percent decrease.
Data released reflects all residential and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.
Town by town statistics can be found here.