Single Family Home Prices Remain High

Single family homes continue to sell at higher prices on Cape Cod than they did one year ago.

According to preliminary data for last month, the median sale price for single family homes on Cape was $420,000. The median price for condominiums was $289,900.

In August 2017, the median price of a single family home was $390,000.  Condos were selling at a median price of $270,250.

That’s a very significant $30,000 difference in median price for single family homes!

According to the Cape Cod & Islands Association of REALTORS® (CCIAOR), year-to-date, 2,598 single-family homes have sold for a median price of $420,500 and 683 condominiums have sold for a median price of $293,512.

Cumulative days on market for this August decreased 6.3% for single-family homes compared to last August, shrinking from 96 days to 90 days. Condominiums also saw cumulative days on market decrease compared to last August, shrinking from 95 days to 83 days, a 12.6% decrease.

The fall remains a great time to put your house on the market. Interest in Cape Cod properties remains high, especially with potential buyers looking to be settled in their new homes in time to celebrate the holidays with family and friends.

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Here’s more evidence that owning a home is still a great investment. The following chart illustrates that actual home value appreciation has exceeded projections for the first six months 2018.

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Mari is in Baltimore this week with a number of our Today Real Estate colleagues attending the Blueprint  training session put on by the Tom Ferry organization. Blueprint is an immersive three-day business strategy conference that teaches professionals how to get out of the trenches and operate their business from a CEO’s perspective.

We’re committed to staying up-to-date on the latest trends and strategies in the real estate field. It helps us remain competitive, as well as provide the best possible customer service to those who select Mari Sennott and Associates to help them complete one of life’s most important tasks: buying or selling a home.

Hank

 

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