According to preliminary data released last week by the Cape Cod & Islands Association of Realtors (CCIAOR), 436 homes sold in July, 361 single-family homes and 75 condominiums. Median sales price was $379,000 for single-family homes and $295,000 for condominiums. Last July, 453 homes (363 single- family homes and 90 condos) sold at a median price of $372,500 for single-family homes and $280,000 for condominiums.
Year-to-date, 2,397 single-family homes have sold for a median price of $389,000 and 560 condominiums have sold for a median price of $265,000 – compared to last year through July, 2,448 single-family homes had sold for a median price of $365,000 and 563 condominiums had sold for a median price of $268,000.
“The uptick we are seeing in sales price and flattened closed sales numbers is not being met with an increase in inventory as one would expect in a balanced real estate market. Prices are likely to stay high or possibly go even higher.” said Gregory Murphy, President of the Cape Cod & Islands Association of Realtor. “With closed and pending sales combined to be virtually flat this year, it still shows a lot of pent up buyer demand demanding inventory. Sellers should not wait – it is a great time for a seller to contact a professional, a Realtor, to talk about finding out what the current market value of their house is today.”
Sales pending at the end of July were 375 for single-family homes and 97 for condominiums – a 2.7 percent increase for single-family and a 3.2 percent increase for condominiums, which will show up in closed home sales in the coming months. Last July, there were 365 pending single-family homes and 94 pending condominiums.
At the end of July, there were 2,160 single-family homes for sale and 504 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last July, there were 3,053 single-family homes and 734 condos listed as active for sale.
Data released reflects all residential and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.