The first half of 2016 has been an interesting one in the Cape real estate market. Sales are up 17% from the same period in 2015, yet prices are nearly flat. Economics 101 says that with an increase in demand, there should be upward pressure on prices - our market seems to be bucking that rule so far this year. Conventional wisdom would suggest that now is the time to buy, as prices will start to climb. If you are in the market for a high-end home, there is even more reason to buy now - sales are up 22% but median sale price has fallen 8%. Market indicators suggest the trends noted above may not continue.
| All Kinlin Grover Sales | 2015 | 2016 | % Change |
|---|---|---|---|
| Sales | 544 | 619 | + 12.0 |
| Average Sale Price | $493,522 | $453,579 | - 8.8 |
| Median Sale Price | $375,000 | $372,000 | n/c |
| Days On Market | 146 | 140 | - 4.3 |
| Cape Cod High-End Single Family |
2015 | 2016 | % Change |
|---|---|---|---|
| Sales | 120 | 155 | + 22.6 |
| Average Sale Price | $1,910,014 | $1,818,908 | - 5.0 |
| Median Sale Price | $1,517,500 | $1,400,000 | - 8.4 |
| Days On Market | 200 | 248 | + 19.4 |
| Cape Cod Condominiums | 2015 | 2016 | % Change |
|---|---|---|---|
| Sales | 464 | 472 | + 1.7 |
| Average Sale Price | $302,000 | $327,000 | + 7.7 |
| Median Sale Price | $256,000 | $268,000 | + 4.5 |
| Days On Market | 138 | 162 | + 15.0 |
| Cape Cod Single Family Sales |
2015 | 2016 | % Change |
|---|---|---|---|
| Sales | 1725 | 2066 | + 16.5 |
| Average Sale Price | $498,823 | $500,374 | n/c |
| Median Sale Price | $361,000 | $365,000 | + 1.0 |
| Days On Market | 144 | 140 | - 2.9 |
| Commercial and Land | 2015 | 2016 | % Change |
|---|---|---|---|
| Sales | 180 | 193 | + 6.7 |
| Average Sale Price | $446,000 | $505,000 | + 11.7 |
| Median Sale Price | $290,000 | $265,000 | - 9.4 |
| Days On Market | 281 | 269 | - 4.5 |
| Residential Sales Distribution |
2015 | 2016 | % Change |
|---|---|---|---|
| Under $350,000 | 1146 | 1282 | + 10.6 |
| $350,000 - $499,999 | 551 | 621 | + 11.3 |
| $500,000 - $749,999 | 309 | 365 | + 15.3 |
| $750,000 - $999,999 | 98 | 126 | + 22.2 |
| $1 Million+ | 115 | 165 | + 30.3 |
