According to preliminary data released last week by the Cape Cod & Islands Association of Realtors (CCIAOR), 576 homes sold in June, 449 single-family homes and 127 condominiums. Median sales price was $400,000 for single-family homes and $259,990 for condominiums. Last June, 642 homes (524 single- family homes and 118 condos) sold at a median price of $383,000 for single-family homes and $258,750 for condominiums.
Year-to-date, 2,009 single-family homes have sold for a median price of $390,000 and 479 condominiums have sold for a median price of $260,000 – compared to last year through June, 2,085 single-family homes had sold for a median price of $365,000 and 473 condominiums had sold for a median price of $265,000. For June 2017, Cumulative Days on Market Until Sale (CDOM) were 97 days for single-family and 98 days for condominiums this June. This is a 25.4% and 38.8% decrease respectively, from June 2016. Year to date, CDOM has decreased 20% for single-family and 13.9% for condominiums versus last year.
“When a home is listed ready to sell, buyers are jumping on it and paying more because of decreased inventory. The combination of increased of median sales price and the decrease in ‘days on market’ are both directly attributable to the low inventory.” said Greg Murphy, 2017 President of the Cape Cod & Islands Association of Realtors. “Buyers need to be decisive and have their financing lined up to get the property they want.”
The real estate market dynamics speak to a larger issue that Barnstable County and the entire state of Massachusetts is dealing with, according to Murphy. “Towns must start saying ‘yes’ to new housing. It is well established now that we do not have enough housing to meet the demand and prices will continue to rise until that demand is met. They also need to take on zoning reform to encourage new housing to be built.” Murphy says. “We have a housing affordability crisis in Massachusetts and it will not be solved until we produce more units. The state legislature needs to pass the Home Bill to give us needed zoning reforms in order to produce more units.”
The Home Bill is a set of zoning reforms to encourage smart growth and conservation through cluster developments, more multi-family housing construction, and establishes limits on those who seek to enact draconian land use restrictions that drive up costs and down inventory.
Sales pending at the end of June were 337 for single-family homes and 102 for condominiums – a 22.9 percent decrease for single-family and a 1.0 percent decrease for condominiums, which will show up in closed home sales in the coming months. Last June, there were 437 pending single-family homes and 103 pending condominiums.
At the end of June, there were 2,236 single-family homes for sale and 517 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last June, there were 3,091 single-family homes and 725 condos listed as active for sale.
Data released reflects all residential and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.
For town-by-town statistics please visit CapeCodRealEstateStats.com