Cape Cod Real Estate Enjoying ‘Second Summer’ Market

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The Cape Cod real estate market continued its record-breaking performance in September, setting new record highs for median sale price, pending sales, closed condo sales, and total volume, according to data released by the Cape Cod & Islands Multiple Listing Service for Barnstable County.

The median sales price for September – $550,000 for a single-family home – is the highest ever for a single month in Barnstable County. With both single-family homes and condos also setting records for pending sales, October looks to be another strong month for the Cape Cod market, said Cape Cod and Islands Association of Realtors (CCIAOR). Inventory, however, has dipped to its lowest level ever, with the total number of single-family homes for sale dipping to 921 units Cape-wide for the first time since CCIMLS began recording computerized data. Many towns are below two months of inventory on the market, far below the industry benchmark of five months for a healthy, balanced market.

“Sellers are responding to market demand listing their house, but inventory keeps dropping as buyer demand is at an all-time high,” notes CCIAOR CEO Ryan Castle. “Many that were planning to buy the house on the Cape in the next few years are moving up their plans consolidating demand during this time and leading to demand we have never seen before. We are still cautious as to whether this is temporary or a long-term trend; however, we are definitely seeing new home buying trends as a result of the pandemic.” 

According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS, 710 homes sold in September, 559 single-family homes and 151 condominiums. Median sales price was $550,000 for single-family homes and $350,000 for condominiums. Last September, 466 homes (346 single-family homes and 120 condos) sold at a median price of $450,000 for single-family homes and $348,500 for condominiums.

Sales pending at the end of September were 619 for single-family homes and 173 for condominiums – a 64.2 percent increase for single-family and a 78.4 percent increase for condominiums, which will show up in closed home sales in the coming months. Last September, there were 377 pending single-family homes and 97 pending condominiums.

New listings in September for single-family homes were 587 and 145 for condominiums. This is a 11.6 percent increase, and a 13.3 percent increase respectively from last September, which had 526 new listings for single-family homes and 128 new listings for condominiums. 

At the end of September, there were 921 single-family homes for sale and 292 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last September, there were 2,108 single-family homes and 528 condos listed for sale, a 56.3 percent decrease, and a 44.7 percent decrease, respectively.

Cumulative days on market for September decreased 3 percent for single-family homes compared to last September, dropping from 100 days to 97 days. Condominiums had a 18.2 percent decrease in cumulative days on market compared to last September, dropping from 110 days to 90 days.

 

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