May 2019 Market Report: Buyers Gaining Power as Interest Rates Lower
June 11, 2019 Research & Data
According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 548 homes sold in May, 441 single-family homes and 107 condominiums. Median sales price was $427,000 for single-family homes and $286,500 for condominiums. Last May, 502 homes (413 single-family homes and 89 condos) sold at a median price of $429,000 for single-family homes and $282,500 for condominiums.
Sales pending at the end of May were 463 for single-family homes and 121 for condominiums – a 4.8 percent increase for single-family and a 6.1 percent increase for condominiums, which will show up in closed home sales in the coming months. Last May, there were 442 pending single-family homes and 114 pending condominiums.
New listings in May for single-family homes were 634, and 159 for condominiums. This is a 10.3 percent decrease, and a 12 percent increase respectively from last May, which had 707 new listings for single-family homes and 142 new listings for condominiums.
“With closed sales and median sales price seeing small increases – down from bigger gains in median sales price seen earlier this year – and as more inventory comes on the market, it’s important to remind ourselves that the law of supply and demand still exists on Cape Cod,” said Joe Arnao, President of the Cape Cod & Islands Association of REALTORS®.
“While buyers are gaining power with increased inventory and lower interest rates, affordability remains a challenge. If more housing units were built or existing homes come on the market at all price points, prices will adjust accordingly and the region will see more affordability,” Arnao continued.
Cumulative days on market for May decreased 12.9 percent for single-family homes compared to last May, falling from 116 days to 101 days. Condominiums also saw cumulative days on market decrease compared to last May, falling from 107 days to 100 days, a 6.5 percent decrease.
The CCIAOR Market Makers Confidence Index rose 1 point to 70, meaning the top agents on Cape Cod are slightly more confident in the market this month. The Market Makers Confidence Index surveys the top 10% of members in the MLS on a scale of 1 to 100, with 100 being the highest confidence.
Data released reflects all residential and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.