Local Realtors Report Steady Sales Volume for July

WEST YARMOUTH – The number of home and condo sales on Cape Cod in July remained steady from last year, according to the Cape Cod & Islands Association of Realtors.

There were 428 homes sold last month, which was just 2 less than last July.

The median sale price for single-family homes was up $1,250 to $435,000. The median price for condo sales fell almost 7 percent to $264,000 from last July.

There were 479 sales pending at the end of the month. That was an increase by 3 homes from last July.

“As more inventory continues to come onto the market and interest rates continue to drop, we are seeing buyers becoming more price sensitive and much choosier when it comes to home condition,” said Joe Arnao, the CCIAOR president.

“According to feedback from our CIAOR Market Makers Survey of the top 10 percent of Cape Cod agents, homes that are in move-in ready condition are flying off the market while those that need updating are seeing price reductions and are sitting on the market longer. Making needed repairs and updates is paying off in a big way for sellers.”

New listings fell by nearly 17 percent from last July from 703 to 584. Of the 584 new listings in July, 479 were single-family homes.

Cumulative days of the market for single-family homes increased by more than 23 percent compared to last July, rising from 82 days to 101 days.

Condos also saw an increase of cumulative days on the market for last month from 84 to 92 days, an increase of 9.5 percent from last July.

The CCIAOR Market Makers Confidence Index dropped three points from June to 66 out of 100.

About Brian Merchant

Brian Merchant grew up in Central Massachusetts and now lives in South Dennis on the Cape. He has been part of the news team in the CapeCod.com NewsCenter since the spring of 2014. He studied radio broadcasting at the University of Tennessee.

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