Cape Cod and Islands Association of Realtors Provides Housing Market Update

HYANNIS – The Cape Cod & Islands Association of Realtors (CCIAOR) reports a slight dip in the number of homes sold on the Cape and Islands in August.

A total of 463 homes were sold across the Cape and Islands during August 2018, a drop from the 505 from August 2017. The 463 homes are broken up into 358 single-family homes and 105 condominiums.

The organization said the median sales prices of homes on the Cape have also gone up. Last year, 383 single-family homes sold at a median price of $390,000 compared to this year’s $420,000 from 358 single family homes.

For condominiums, 118 were sold last year at a median price of $390,000 compared to the $290,000 from 105 condos sold this year.

“The massive decline in inventory year over year seems to be stabilizing. A key indicator we usually look at is ‘months supply of inventory,’ meaning the number of months it would take to sell all supply at the current pace. That is rising, fueled by a lower number of sales Cape-wide, which leads to a longer time to sell off all inventory, and double-digit percent increases in homes for sale in what were the most inventory starved towns, such as Yarmouth, Falmouth, Harwich and Provincetown,” said CCIAOR President Martha Knapp.

“Market conditions are varying widely, even village to village, and it’s important to identify and find a professional to guide you through what is happening in your specific market.”

Sales pending at the end of August showed a 1.8-percent increase for single-family homes and a 1-percent decrease for condominiums. The CCIAOR says these numbers will show up in closed home sales within the coming months.

By TIM DUNN, CapeCod.com News Center

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