Cape Cod Real Estate Market Conditions

QUICK FACTS:

• A new record high median sales price for single-family homes was set at $550,000 in September beating the record median sales price set just last month and the highest ever for a single month in Barnstable County.

• Inventory is at a record low since Cape Cod & Islands MLS (Multiple Listing Service) started computerizing data. There are only 921 single-family homes on the market and due to the continued high demand, listings are sorely needed.

• New buyer trends have emerged during the Covid-19 Pandemic, especially in the $1,000,000 and up market. It remains to be seen if these trends are permanent.

MORE DETAILS:

According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 710 homes sold in September, 559 single-family homes and 151 condominiums. Median sales price was $550,000 for single-family homes and $350,000 for condominiums. Last September, 466 homes (346 single-family homes and 120 condos) sold at a median price of $450,000 for single-family homes and $348,500 for condominiums.

Sales pending at the end of September were 619 for single-family homes and 173 for condominiums – a 64.2 percent increase for single-family and a 78.4 percent increase for condominiums, which will show up in closed home sales in the coming months. Last September, there were 377 pending single-family homes and 97 pending condominiums.

New listings in September for single-family homes were 587 and 145 for condominiums. This is a 11.6 percent increase, and a 13.3 percent increase respectively from last September, which had 526 new listings for single-family homes and 128 new listings for condominiums.

At the end of September, there were 921 single-family homes for sale and 292 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last September, there were 2,108 single-family homes and 528 condos listed for sale, a 56.3 percent decrease, and a 44.7 percent decrease, respectively.

Cumulative days on market for September decreased 3 percent for single-family homes compared to last September, dropping from 100 days to 97 days. Condominiums had an 18.2 percent decrease in cumulative days on market compared to last September, dropping from 110 days to 90 days.

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

For historic and town-by-town data, email Shirley at shirley@athomecapecod.com.