Cape Cod Real Estate Market Continues Strong Performance in October; Inventory Dips to New Low
November 24, 2020 Research & Data CCIAOR Data and Research
The Cape Cod real estate market continued its strong performance in October, with strong numbers for both closed and pending sales for single family homes and condominiums.
Single family home sales surged 40.2% to 541, and condo sales were up 62.8% to 153, as the condominium market continues to heat up and catch up with the performance of the single family home market. As more and more buyers are priced out of single family homes with a median sale price of $549,950, condominium sellers are seeing the benefit in the form of increased sale prices and more buyer activity.
“Real estate continues to be the sector of the Cape's economy performing the best. There are still many unknowns down the pipeline related to economic fallout from the pandemic, but real estate is going to have its banner year ever as homes were snatched up by those looking for respite and refuge," CCIAOR CEO Ryan Castle said. "Coastal markets across the country have seen a big increase, but Cape Cod in particular has - in fact, the National Association of REALTORS recently released data showing Cape Cod as one of the best performing ' vacation home' markets in the country."
A worrying sign for the future of the market, and especially for housing affordability is the continued drop in the inventory of homes for sale in Barnstable County. New listings increased 11.9% for single family homes and 0.8% for condominiums from October, 2019, and the total home on market were 808 single family homes and 248 condominiums for sale, a 59.4% decrease and 52.9% decrease, respectively.
"We are starting to see signs of decreased activity in the marketplace moving forward, and all signs point to the lack of available homes for sale as the driver of that. Those thinking about selling would find right now to be the right time to make that move." said Castle.
According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 700 homes sold in October, 564 single-family homes and 136 condominiums. Median sales price was $549,950 for single-family homes and $407,500 for condominiums. Last October, 498 homes (388 single-family homes and 110 condos) sold at a median price of $438,750 for single-family homes and $299,500 for condominiums.
Sales pending at the end of October were 541 for single-family homes and 153 for condominiums – a 40.2 percent increase for single-family and a 62.8 percent increase for condominiums, which will show up in closed home sales in the coming months. Last October, there were 386 pending single-family homes and 94 pending condominiums.
New listings in October for single-family homes were 488 and 125 for condominiums. This is a 11.9 percent increase, and a 0.8 percent increase respectively from last October, which had 436 new listings for single-family homes and 124 new listings for condominiums.
At the end of October, there were 808 single-family homes for sale and 248 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last October, there were 1,991 single-family homes and 526 condos listed for sale, a 59.4 percent decrease, and a 52.9 percent decrease, respectively.
Cumulative days on market for October decreased 18.4 percent for single-family homes compared to last October, dropping from 103 days to 84 days. Condominiums had a 0.9 percent decrease in cumulative days on market compared to last October, dropping from 114 days to 113 days.
Data released reflects all single-family homes and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.
For historic and town-by-town data please visit CapeCodRealEstateStats.com
Read local insights on the 2020 NAR Homebuyers and Home Sellers report, here.