Cape Cod Real Estate Market Settles Into a ‘New Normal’
WEST YARMOUTH, MA—(October 19, 2018) According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 462 homes sold in September, 370 single-family homes and 92 condominiums. Median sales price was $437,000 for single-family homes and $281,250 for condominiums. Last September, 488 homes (372 single-family homes and 116 condos) sold at a median price of $426,000 for single-family homes and $294,500 for condominiums.
Year-to-date, 2,981 single-family homes have sold for a median price of $422,500 and 777 condominiums have sold for a median price of $289,900 – compared to last year through September, 3,183 single-family homes had sold for a median price of $392,250 and 802 condominiums had sold for a median price of $271,000.
Sales pending at the end of September were 343 for single-family homes and 85 for condominiums – a 2 percent decrease for single-family and a 24.8 percent decrease for condominiums, which will show up in closed home sales in the coming months. Last September, there were 350 pending single-family homes and 113 pending condominiums.
“Cape Cod real estate is settling into a ‘new normal.’ Inventory has stabilized Cape-wide, while median sales price remains at or near historic highs. Fewer homes are changing hands, but those that do are selling faster and for more money than in years past.” Says Martha Knapp, President of the Cape Cod & Islands Association of REALTORS®. “The prospect of rising interest rates may slow the market, so if you are looking to buy or sell, get into the market now before rates go up, as many predict they will.”
New listings in September for single-family homes were 606, and 101 for condominiums. This is a 5.6% increase, and a 24.1% decrease respectively, from last September. Last September, there were 574 new listings for single-family homes, and 133 for condominiums.
Cumulative days on market for September decreased 16.8% for single-family homes compared to last September, shrinking from 107 days to 89 days. Condominiums also saw cumulative days on market decrease compared to last September, shrinking from 130 days to 81 days, a 37.7% decrease.
Data released reflects all residential and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.
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For detailed, town-by-town market reports: http://capecodrealestatestats.com