WEST YARMOUTH – Preliminary data from the Cape Cod and Islands Association of Realtors for the month of March indicates that prices were up.
Three-hundred and twenty-six single-family homes and 74 condominiums were sold in March, according to the association.
The median sales price was $441,250 for single-family homes, while the median for condominiums was $306,000. Both the number of units sold and median prices for homes saw increases from last March.
Sales pending at the end of the month saw and 11.9% increase from last year for single-family homes, but a 23.3% decrease for condominiums from March 2019.
New listing for both single-family homes and condominiums saw decreases from last March. Due to COVID-19, the association said, inventory has taken a turn.
As the coronavirus pandemic continues, the association is adapting to new conditions and situations. CEO Ryan Castle said that technologies are being utilized like never before within the local housing industry.
“Things like that have increased dramatically, from the use of video to the use of virtual tours, and everything else,” Castle explained.
Castle is optimistic that things will turn for the better in time.
“I think as the weather gets better, as people are able to leave their house a little bit more…you’re going to see the real estate market continue to move, but at a slower pace than it was,” he said.
One worry that Castle has moving forward is that there could be “pent-up buyer demand” to go along with a lower inventory of homes on the market once the peak of the pandemic has passed.
For more information, visit the CCIAOR’s website by clicking here.
About Brendan Fitzpatrick
