Cape Cod Real Estate Market Update - Mid July 2017
How is the Cape Cod Real Estate Market so far this year? Here's an Update of the stats thru Mid July 2017. I know Holly and I have been busy.
According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), there were 576 homes sold in June 2017. That number is made up of the following categories and numbers:
- 449 single-family homes and
- 127 condominiums.
The median sales price was $400,000 for single-family homes. For condominiums the median was $259,990.
Compare these numbers to last Last June (2016) when 642 homes sold.
- 524 single- family homes and
- 118 condos
Their median price was $383,000 for single-family homes and $258,750 for condominiums.
Cumulative Days on Market Until Sale (CDOM) were 97 days for single-family homes and 98 days for condominiums in June of 2017. Wow! that reflects a 25.4% and 38.8% decrease respectively, from June 2016.
So it appears that properties are moving faster this year than last - so far. Year to date, the CDOM has also averaged a decrease of 20% for single-family and 13.9% for condominiums versus 2016. With the records being set in the stock market, real estate may also have a big year on Cape Cod.
There were 50 fewer homes sold so far in 2017 than in the same period in 2016. Of course there are properties that do not make it to the MLSs before they have a buyer. Holly and I have found people properties that are not on the market. We closed on a nice water front two weeks ago that we found just for our buyers.
If you are interested in buying or selling real estate on Cape Cod we can help. For other places in the US, we can help you find similarly experienced and effective professionals in our referral network.
Have a great week, and we look forward to a great second half of the year.