WEST YARMOUTH, MA—(March 18, 2019) According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 235 homes sold in February, 201 single-family homes and 34 condominiums. Median sales price was $408,000 for single-family homes and $265,000 for condominiums. Last February, 248 homes (194 single-family homes and 54 condos) sold at a median price of $383,500 for single-family homes and $351,000 for condominiums.
Sales pending at the end of February were 264 for single-family homes and 47 for condominiums – a 2.2 percent decrease for single-family and a 34.7 percent decrease for condominiums, which will show up in closed home sales in the coming months. Last February, there were 270 pending single-family homes and 72 pending condominiums.
“February is traditionally the slowest month for Cape Cod real estate, and this February was no different. While it is still early, the market data indicates that the trend towards fewer overall transactions with higher sale prices is poised to continue. Homes that do hit the market are selling fast as cumulative days on market continues to drop; the high median sales price is likely pushing some buyers out of the market despite a 10% increase in inventory.” Notes Joe Arnao, President of the Cape Cod & Islands Association of REALTORS®
New listings in February for single-family homes were 394, and 102 for condominiums. This is a 3.0 percent decrease, and a 7.3 percent decrease respectively, from last February, which had 406 new listings for single-family homes and 110 new listings for condominiums.
Cumulative days on market for February decreased 3.0 percent for single-family homes compared to last February, falling from 134 days to 130 days. Condominiums also saw cumulative days on market decrease compared to last February, falling from 121 days to 120 days, a 0.8 percent decrease.
Data released reflects all residential and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.
Town-by-town and historic market data can be found at CapeCodRealEstateStats.com.