The median sale price for a single family home rose once again on Cape Cod in 2019.
According to preliminary data released by the Cape Cod & Islands Association of REALTORS (CCIAOR), the year end median sale price was $410,000, a 2.4% increase over 2018.
Truro, Provincetown, and Dennis had the highest increases (30.7%, 8% and 7.5% respectively). Brewster (-3.5%) and Eastham (-2.1%) were the only Cape communities to experience a price drop.
All upper Cape towns saw increases:
Bourne $376,500 $395,000
Sandwich $405,000 $409,900
Mashpee $443,500 $470,000
Falmouth $462,000 $469,950
Barnstable $390,000 $405,000
While inventory has declined Cape-wide over the last five years (3,276 in 2015 vs. 1,723 in 2019), last year was otherwise consistent with the past when taking into account median sales price increases and other measurements. It’s interesting to note that sales volume for 2019 was on par with 2018, but with a lower inventory,
What’s the bottom line?
- People remain interested in living on Cape Cod, either in year round or second homes.
- The market is strong for sellers, who are realistic about sales price and the condition of their property.
- Cape property owners — who have been thinking of selling and haven’t — are losing money because of their hesitation.
- With overall sales volume for 2018 and 2019 remaining consistent, buyers should not be discouraged by “lack of inventory.” Those waiting for prices to drop should reconsider their strategy.
If you have any questions about the year end market data or would you like to review your options, please contact us at 508-568-8191 or [email protected] We’d be happy to share what we know and help you make an informed decision about buying and/or selling your property. Thanks.
In last week’s segment of a “Moment with Mari,” we paid forward a friendly wager with our Coach Tom Ferry and visited the Sandwich Food Pantry.
A donation of $100.00 can feed upwards of 400 people! For more information about the organization, please visit www.sandwichfoodpantry.org.
Enjoy your week…
Mari and Hank