Year-End Home Sales on Cape Cod End on High Note

According to preliminary data released today by the Cape Cod & Islands Association of REALTORS® (CCIAOR), we had a total of 4,317 single-family homes sell for a median price of $368,000 and 1,022 condominiums sold for a median price of $268,000. Compared to 2014 through December, 3,699 single-family homes sold for a median price of $357,500 and 963 condominiums sold for a median price of $275,000.

At the end of December, there were 2,159 single-family homes for sale and 476 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. In December 2014, there were 2,811 single-family homes and 641 condos listed as active for sale.

“Reflecting on the 2015 real estate market – once the snow melted, not only on the Cape but in Boston and metro too, the spring market came on strong and held steady through the remainder of the year—right through December. Great weather certainly contributed to late fall and early winter real estate activity,” CCIAOR President Laura Usher said.

There were 447 homes that sold in December, 363 single-family homes and 84 condominiums. Median sales price was $393,000 for single-family homes and $280,000 for condominiums. Last December, 395 homes (303 single-family homes and 92 condos) sold at a median price of $376,500 for single-family homes and $335,000 for condominiums.

“I believe that positive economic indicators create consumer confidence. Fourth quarter saw the second best job growth in 6 years, ceding higher than anticipated with a quarter million new jobs. And after a difficult first week, Wall Street is starting to stabilize this month. There’s been a pent-up demand and we just haven’t had the inventory to satisfy it but as we head into the New Year, we’re seeing more pending sales and new properties come on the market – and a lot of interest from potential buyers,” stated Usher.

Sales pending at the end of December were 419 for single-family homes and 103 for condominiums – a 73.9 percent increase for single-family and a 27.2 percent increase for condominiums, which will show up in closed home sales in the coming months. Last December, there were 241 pending single-family homes and 81 pending condominiums.

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