Cape Cod Market Update September 2019

August Review:

   The trends in the Cape Cod market this year seem to be delayed approximately a month compared to last year.  In other words, August this year compares more closely with July last year.  We felt this in the Spring and now again in the late Summer as the August data seemingly reflects what is typically the July slowdown (whereas July was as busy as June the year before).  We see this normal seasonal slowdown reflected in the chart at right in that closed sales were up while new listings and inventory were all down.  We don't think it is worth ringing any alarm bells but the lack of new listings in August could lead to a more competitive market for buyers in the fall.  The most relevant factors influencing the real estate market right now are: historically low interest rates, overall economic trends looking favorable (at least in the near term), Barnstable County inventory at a healthy level of 6 months.  On another note we were pleased to see the affordability index move towards improving affordability in the single family home market in August, an increase in affordability of 7.5% compared to this time last year.  For more market data check out our blog category Real Estate Trends.

	June	July	Aug
Closed Sales	361	341	382
Inventory	2,067	2,044	2,082
Median Sales Price	$450K	$435K	$431K
Avg Days on Market	106	101	90
Avg % of Original Price	95%	94%	94%

Check out these two blogs for more valuable insight into real estate on Cape Cod

S torm Preparation on Cape Cod	Our Take: Are sharks really taking a bite out of the Cod Cod Summer Rental Market?