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Market Update June 2018

May Review: Last month was characterized by the Spring market frenzy.  While 399 closed single family homes may not seem like much of a frenzy, compared to the January-April dearth, it was.  Overall though, sales and inventory are down compared to this time last year, which we believe says more about the unusually busy 2017 market leaving us with lower inventory to start 2018.  Conditions still favor sellers and buyers are encouraged to have strong offers (excellent financing and few contingencies) placed early to be considered.  We are encouraged to see an increase in new listings which is helping to rebuild the inventory here in Barnstable County.  Experts are also considering the idea that the current market conditions (higher prices and fewer days on market) are more sustainable than originally expected due to improved lending practices to more qualified borrowers.

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Recent Market Summary

  March April May
Closed Sales 255 329 399
Inventory 1,584 1,755 1,924
Median Sales Price $415,000 $399,000 $429,000
Avg Days on Market 137 108 114
Avg % of Original Price 95% 96% 95%