WEST YARMOUTH – The Cape Cod & Islands Association of Realtors is reporting a consistent 2019 for the local real estate market.
According to preliminary data released by the organization, the median sale price increased by 2.5 percent from 2018 to $410,000.
Inventory for 2019 dipped by more than 18 percent from the previous year and sales were nearly flat, down 0.5 percent.
The median sale price rose year-over-year in all Cape Cod towns except Brewster and Eastham, which saw declines of 3.5 percent and 2.1 percent, respectively.
Truro posted the largest increase in median sale price at 30.7 percent. Provincetown followed with an 8 percent jump and Dennis increased by 7.5 percent.
Nine communities saw the number of closed sales increase from 2018, with Wareham, Harwich and Dennis posting the largest gains. Orleans saw a 16.9 percent decrease in closed sales, the largest decline on the Cape.
Every town covered by the association’s statistical reports saw a significant decline in the number of homes for sale except for Orleans, which posted a 25.7 percent gain in 2019. Dennis had the largest drop in inventory from 2018, 36.4 percent.
With an average of four months of inventory on the market, the Cape Cod real estate market is tilted in favor of sellers.
Low interest rates continue to buoy the market, increasing buying power even in a market with limited inventory and high median sale price.
The demand for Cape Cod real estate has remained consistently high with inventory shrinking. The high demand has resulted in an efficient sales environment for properly priced homes.
Looking forward, the association says the biggest condition that could impact the market and further intensify the region’s affordability crisis is that supply might not be enough to meet demand.
“Our hope is that in 2020, that Cape towns get serious about solving our housing supply and affordability problem,” said Ryan Castle, the association’s CEO.
“We look forward to working together with legislators and local elected boards and officials on this issue.”
The association says Cape buyers are beginning to demonstrate increased price sensitivity, eschewing traditionally higher priced towns, or towns that have posted large recent sale price increases, for neighboring towns where their buying power is higher.
About CapeCod.com NewsCenter
