July 2019 Cape Market Report: Market Activity Levels Off But Stays Strong on Cape Cod
August 15, 2019 Research & Data CCIAOR Data and Research
According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 428 homes sold in July, 341 single-family homes and 87 condominiums. Median sales price was $435,000 for single-family homes and $264,000 for condominiums. Last July, 430 homes (346 single-family homes and 84 condos) sold at a median price of $433,750 for single-family homes and $283,500 for condominiums.
Sales pending at the end of July were 370 for single-family homes and 109 for condominiums – a 1.9 percent decrease for single-family and a 10.1 percent increase for condominiums, which will show up in closed home sales in the coming months. Last July, there were 377 pending single-family homes and 99 pending condominiums.
“As more inventory continues to come onto the market and interest rates continue to drop, we are seeing buyers becoming more price sensitive and much choosier when it comes to home condition.” says CCIAOR President Joe Arnao. “According to feedback from our CCIAOR Market Makers Survey of the top 10% of Cape Cod agents, homes that are in move-in ready condition are flying off the market while those that need updating are seeing price reductions and are sitting on the market longer. Making needed repairs and updates is paying off in a big way for sellers.”
Activity remains healthy in the sub-$450,000 segment of the market, while activity in the mid-market up to $1,000,000 is starting to flatten out. The luxury market in the $2,000,000 and up segment picked up steam in July, signaling a potential strong finish to the year.
New listings in July for single-family homes were 479, and 105 for condominiums. This is a 14.8 percent decrease, and a 25.5 percent decrease respectively from last July, which had 562 new listings for single-family homes and 141 new listings for condominiums.
Cumulative days on market for July increased 23.2 percent for single-family homes compared to last July, rising from 82 days to 101 days. Condominiums also saw cumulative days on market increase compared to last July, rising from 84 days to 92 days, a 9.5 percent increase.
The CCIAOR Market Makers Confidence Index dropped three points to 66 out of 100, a slight drop from their rating of 69 out of 100 in June.
Data released reflects all residential and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.