The numbers are in for December 2019. When considering the fall market we see that closed sales have remained relatively consistent but new listings have not kept pace so inventory has been declining since September. Compared to December in 2018, inventory is down approximately 21% and new listings about 17%; this coupled with the 2019 fall data signals a likely dearth of available listings in the near-term. We do expect this time of year to be slow and with exceptionally low mortgage rates as well as ongoing wage growth in the market at large experts are expecting buyer activity to remain healthy into 2020. While national new construction was on the rise in 2019, lack of inventory continues to be a problem in the local Cape Cod market as is partially signaled by a decline of 5.5% in the affordability index from December 2018. We also went back and checked the single-family-home median sales price since 2016: $365k, 2017: $380k, 2018: $400k. The numbers are not yet complete on 2019, but we expect them to follow this trend for the near future unless changes are made to local housing policies and/or larger economic impacts hit the Cape. Contact us today, we are always glad to discuss the market in further detail if you have questions. For more market data check out our blog category Real Estate Trends.
|Median Sales Price||$440K||$439K||$436K|
|Avg Days on Market||103||109||109|
|Avg % of Original Price||94%||93%||93%|