Local Realtors Report Drop in Home Sales for September, Increase in Median Sale Price

WEST YARMOUTH – The Cape Cod & Islands Association of Realtors is reporting a decrease in the number of homes sold in September.

There were 462 homes sold on Cape Cod last month which was a decrease of 26, or 5 percent, from 2017 sales. There were 370 single-family homes sold and 92 condominiums. There were 372 single-family homes and 116 condos sold in September of 2017.

The median sales price did increase by 2.5 percent for single-family homes from $426,000 last September to $437,000.

The median price for condominiums was just over $281,000, which was down 4.5 percent from $294,000 last September.

For the year-to-date, single-family homes sales are down 6 percent and condo sales are down 3 percent.

“Cape Cod real estate is settling into a ‘new normal.’ Inventory has stablized Cape-wide, while median sales price remains at or near historic highs,” said Martha Knapp, the president of the association. “Fewer homes are changing hands, but those that do are selling faster and for more money than in years past.”

Knapp said the prospect of higher interest rates may slow the market.

“If you are looking to buy or sell, get into the market now before rates go up, as many predict they will,” Knapp said.

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