WEST YARMOUTH – There was a dip in the number of homes sold on Cape Cod last month, but the median sales value went up.
According to the latest statistics from the Cape Cod & Islands Association of Realtors, 485 homes sold on the Cape in May, down from 517 in May 2017.
The median sales price last month was $429,000, up from $419,000 at the same time last year.
For the year-to-date, the median sale price for a single family home on Cape Cod is $408,400. The median price for condos sold so far this year is $282,750.
“Demand remains very strong as we head into the peak summer season, however, we are looking at a real housing production deficit on Cape Cod. 11 out of 15 towns on Cape Cod are flat or declining with regard to new listings year to date versus 2017; Provincetown, Orleans, Mashpee and Dennis are showing declines of 10 percent or more,” said Martha Knapp, the President of the Cape Cod & Islands Association of Realtors.
“Bringing more existing homes onto the market has not been enough to satisfy demand. We need to increase new housing production to meet the needs of Cape residents and homeowners or housing will become increasingly unaffordable in most market segments,” Knapp added.
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