Falmouth MA Real Estate Median Price is up 11% in October 2018
According to preliminary data released on Friday November 16th, the Falmouth MA Real Estate Median Price is up 11% in October 2018. In my earlier blog, I reported that the Cape Cod and Islands Association of REALTORS® (CCIAOR) reported a $49,900 increase over last October's median price for properties across The Cape. In Falmouth, that median price is even higher, +$51,425.
Comparing 2018 to 2017 Year-to-Date sales, 42 fewer homes sold in Falmouth in 2018 than in 2017, but the annual median price is actually up even higher by 13+%, to $472,750. There is an interesting indicator in the Falmouth real estate market report. The median price for condos in the Falmouth real estate market was down in October of 2018. For the month of October 2018, the median condo price was lower by 40% compared to 2017. On The Cape in general, the median price of condominiums was off only 7%.
If this trend for condos continues, that could be one indicator that the real estate market on The Cape is changing, or has already changed. In my experience, condos react last to a good market and first to a bad market. Falmouth is one of the stronger local markets on Cape Cod. In looking at the information from 2008 forward, Falmouth single family homes are at their highest median price now. The Falmouth condominium median price has had a lot more peaks and valleys than single families, and many more fluctuations than The Cape market in general.
Pending sales of condominiums in 2018 in Falmouth are up 125% over 2017 levels, but that is 9 sales in 2018 versus 4 sales in 2017. Similarly, pending sales of single family homes in 2018 in Falmouth are up 32+% over 2017 levels, which is 61 sales in 2018 versus 46 sales in 2017. With the election over and some predictability possible for the future, we'll still have to watch the numbers to see how the masses are trending. So far there is no clarity - except that Falmouth is a desirable part of Cape Cod with almost 10% of the 2017 sales of single families and condos, and over 10% of single family homes in 2018.
If you are thinking of buying or selling on Cape Cod, Holly and I are available to interview you as a buyer or seller. We're prepared when you're ready.
The above market information is based on the sales of residential single family homes and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.