The Cape Cod real estate market continued its surge in August, continuing to set records – as did June and July – for residential real estate sales in Barnstable County.
The median sales price for August was $545,000 for a single-family home, a new record for a single month on the Cape, and $363,750 for condominiums.
Buoyed by the second-most transactions in a single month (the first being in July 2020) since 2000, the most volume was transacted in residential real estate at more than $464 million in the month.
According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 655 homes sold in August: 509 single-family homes and 146 condominiums.
Median sales price was $545,000 for single-family homes and $363,750 for condominiums.
Last August, 487 homes (390 single-family homes and 97 condos) sold at a median price of $430,500 for single-family homes and $349,000 for condominiums.
“The 25% year- over-year median sales price increase is a reflection of a new crop of buyers seeking more expensive homes than what has been the norm on Cape Cod, raising median sales price more rapidly. The demographics of buyers have shifted,” Castle said.
Sales pending at the end of August were 607 for single-family homes and 152 for condominiums – a 71 percent increase for single-family and a 33.3 percent increase for condominiums, which will show up in closed home sales in the coming months. Last August, there were 355 pending single-family homes and 114 pending condominiums.
At the end of August, there were 1,019 single-family homes for sale and 333 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last August, there were 2,096 single-family homes and 530 condos listed for sale—a 51.4 percent decrease, and a 37.2 percent decrease, respectively.
“The historic low levels of homes for sale could damper sales unless more inventory comes to the market,” Castle said.
Data released reflects all single-family homes and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.