Local Real Estate Market Stays Hot, Inventory Still Low

HYANNIS – The Cape Cod and Islands Association of Realtors has reported that the recent charge in real estate sales continued into August.

According to their latest report, the association saw a record median sales price for a single family home during the previous month, as it was recorded at $545,000.

July and August of 2020 were the two highest months since 2000 in terms of the number of transactions completed as well as the volume of transactions.

CEO Ryan Castle said that a median sales price is just a snapshot of what a “median home” is at one period of time.

Still, he noted how impressive the 25% increase is over the course of a year. Much of that, he added, has to do with a different buyer base that has emerged.

“We have buyers with more money, more incomes, and more ability to buy homes,” Castle said, “so they’re buying homes that would be more expensive.”

Castle said the number of homes on the market, however, continues to be something worth monitoring.

Compared to August of 2019, there was a roughly 51% and 37% decline in the total number of homes and condos for sale, respectively.

Because of that lack of inventory, he does not see this level of sales being sustainable long term, meaning that now is a great time to sell.

“You should be able to get good value for your home right now, perhaps better than you’ve ever been able to get before,” Castle said.

Median sales prices for single-family homes rose by over $100,000 compared to last August, while the median price for condominiums jumped up about $15,000 in that same time frame.

Pending sales saw jumps compared to last August as well, by 71% for single-family homes and about 33% for condos. Those sales should be accounted for in a future report from the association.

About Brendan Fitzpatrick

Brendan, a recent graduate from the University of Massachusetts Amherst, is one of the newest members of the CapeCod.com NewsCenter team. When not on the beat, you'll probably find him watching Boston sports.

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