Cape Cod Statistics - A Stable Market 2019 Thru May
Hello from Cape Cod, where the statistics show we are in a relatively stable market so far this year thru May. Depending on when you say the bottom of the last cycle was, we are at or nearing the 10th year of the latest 10 year cycle. We all know what has usually occurred after a stable market.
Here is the latest info for Barnstable County, which is Cape Cod:
- The median sale price is up 2.6% to $420,000 YOY. In 2018, the median sale price was up 5.6% YOY. This follows the national trend of continuing appreciation at a slower pace.
- The months of supply of inventory is 5.8 months. 6 months is traditionally called a “balanced” market.
- New listings are coming in at an increase of 4.9% YOY. In 2018, new listings were down 3.4%. Again, a healthy, well-paced market for now.
- Condominium sales are 18.3% of the whole market
- Closed condo sales are down 9.4%. In 2018, condo sales through May were up a slight 1.9%.
- The median sale price is down 4.8%. In 2018, the median sale price was up 7.9%.
- New listings are up a significant 17.0%. New listings were flat YOY in 2018.
- The condominium market is more soft than the single family market. Single family properties have gained more inventory and remain the first choice for second home buyers in most of our towns' local markets. The opportunity is that the market may be a bit under-valued and worth paying attention to as buyers seek to enter the market for low money.