CCIAOR Releases October 2019 Cape Cod Market Report
November 19, 2019 Research & Data CCIAOR Data and Research
According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 487 homes sold in October, 379 single-family homes and 108 condominiums. Median sales price was $439,500 for single-family homes and $299,500 for condominiums. Last October, 489 homes (387 single-family homes and 102 condos) sold at a median price of $479,000 for single-family homes and $345,250 for condominiums.
Sales pending at the end of October were 374 for single-family homes and 91 for condominiums – a 3.1 percent decrease for single-family and a 5.2 percent decrease for condominiums, which will show up in closed home sales in the coming months. Last October, there were 386 pending single-family homes and 96 pending condominiums.
“The key indicators of the housing market are beginning to level off. We are not seeing any major changes in activity on the buying or the selling side and trends from prior months have continued, most notably, an increase in condominiums hitting the market. The fluctuations in median sale price have also leveled off and become less severe than in recent months. Lower interest rates haven't produced the spike in activity that many predicted. Absent any drastic changes in market variables, we expect this to be the state of the market going forward.” notes CCIAOR President Joe Arnao.
New listings in October for single-family homes were 434 and 123 for condominiums. This is a 19.3 percent decrease, and a 7.9 percent increase respectively from last October, which had 538 new listings for single-family homes and 114 new listings for condominiums.
Cumulative days on market for October increased 6.2 percent for single-family homes compared to last October, rising from 97 days to 103 days. Condominiums also saw cumulative days on market increase compared to last October, rising from 94 days to 112 days, a 19.1 percent increase.
Data released reflects all single-family and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.
For historical market data and more in-depth reports please click here.