September 2019 Market Report Released

According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 456 homes sold in September, 339 single-family homes and 117 condominiums. Median sales price was $452,000 for single-family homes and $347,000 for condominiums. Last September, 477 homes (382 single-family homes and 95 condos) sold at a median price of $439,500 for single-family homes and $275,000 for condominiums.

Sales pending at the end of September were 367 for single-family homes and 94 for condominiums – a 0.5 percent increase for single-family and a 6.8 percent increase for condominiums, which will show up in closed home sales in the coming months. Last September, there were 365 pending single-family homes and 88 pending condominiums.

"There continues to be strong demand for Cape Cod real estate, as evidenced by another rise in median sales price to one of the highest totals we have seen since we began computerizing these statistics. The condo market has seen increased activity, and a rise in sale price as buyers in the sub-$500,000 segment of the market turn to condos in search of affordable, updated properties. The biggest threat to the market is the continued low level of inventory and lack of choice, which, if not solved, will price out an even wider swath of homeowners than what we are seeing now. While this is the broad trend Cape-wide, there is significant variance in local markets. It is important to work with a local REALTOR® that knows the town or village in which you are looking so you get sound advice." Noted Joe Arnao, President of the Cape Cod & Islands Association of REALTORS®.

New listings in September for single-family homes were 522, and 124 for condominiums. This is a 13.1 percent decrease, and a 22.8 percent increase respectively from last September, which had 601 new listings for single-family homes and 101 new listings for condominiums.

Cumulative days on market for September increased 11.4 percent for single-family homes compared to last September, rising from 88 days to 98 days. Condominiums also saw cumulative days on market increase compared to last September, rising from 78 days to 108 days, a 38.5 percent increase.

The CCIAOR Market Makers Confidence Index dropped to 62 out of 100, a 4 point drop from what was reported in August.

Data released reflects all residential and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.

For detailed town-by-town reports and historical statistics, please visit CapeCodRealEstateStats.com