January 2020 Cape Cod Market Statistics Report
March 2, 2020 Research & Data CCIAOR Data and Research
WEST YARMOUTH, MA—(March 2, 2020) According to preliminary data released by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 341 homes sold in January, 270 single-family homes and 71 condominiums. Median sales price was $431,200 for single-family homes and $300,600 for condominiums. Last January, 271 homes (232 single-family homes and 39 condos) sold at a median price of $399,500 for single-family homes and $260,000 for condominiums.
Sales pending at the end of January were 184 for single-family homes and 49 for condominiums – a 18.2 percent decrease for single-family and no change for condominiums, which will show up in closed home sales in the coming months. Last January, there were 243 pending single-family homes and 42 pending condominiums.
New listings in January for single-family homes were 384 and 99 for condominiums. This is a 13.6 percent increase, and a 2.1 percent increase respectively from last January, which had 338 new listings for single-family homes and 97 new listings for condominiums.
Cumulative days on market for January decreased 6.1 percent for single-family homes compared to last January, falling from 115 days to 108 days. Condominiums also saw cumulative days on market decrease compared to last January, falling from 139 days to 92 days, a 33.8 percent decrease.
Data released reflects all single-family and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.
While 2020 started off on a strong foot with January showing positive signs in most key categories including closed sales and median sales price, the forecast for the rest of the year is highly uncertain due to a continuing decline in inventory. Inventory levels have been dropping for several months and while we are seeing new listings come on the market, it is likely not going to be enough to tip the scales back to a balanced market.
With interest rates steady, the main pressure point facing the Cape Cod real estate market is that there simply are not and will not be enough homes to meet demand.
For more detailed data, please visit CapeCodRealEstateStats.com