May Review:
Year over year the inventory is up 6.1% and has also been steadily increasing since January. With new listings down from last year and flat compared to last month we will be keeping an eye on how this will affect inventory going forward though. What will also be influencing the market for the foreseeable future is the incredibly low mortgage rate. At the time of writing Cape Cod Five and the Cooperative Bank of Cape Cod both have their 30 year fixed mortgage rates at 3.875%, which is exceptionally low and certainly an aid to buyers. Furthermore the median price for single family homes is essentially flat from this time last year and only slightly up from last month. Do we know what the future holds? Nope. But we can say that right now the market is fairly well balanced between buyers and sellers which means it is a good time to both sell and buy.
| Mar | Apr | May | |
| Closed Sales | 291 | 331 | 441 |
| Inventory | 1,837 | 1,982 | 2,032 |
| Median Sales Price | $421.5K | $425K | $427K |
| Avg Days on Market | 120 | 120 | 101 |
| Avg % of Original Price | 93% | 94% | 95% |
| Check out a video clip featuring Paul and Dennis' initiative to keep the beaches clean | |
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