Good news continues in the Cape Cod and Massachusetts Real Estate markets! Here is another update from the Massachusetts Association of Realtors
There were 3,685 detached single-family homes sold this October, a 22 percent increase from the 3,017 homes sold the same time last year. This is the 16th straight month of year-over-year increases. The October condominium market was up 34.8 percent compared to the same time last year. (from 1,056 units sold in 2011 to 1,423 units sold in 2012). This is the 15th month of the last 16 that condominium sales have been up.
The median selling price for single-family homes in October was $287,000 which was up 4.4 percent from $275,000 in October 2011.
Condominium median selling prices in October were up 2.0 percent from the October 2011 median price (from $259,900 to $265,000).
Inventory and Days on Market:
The inventory of single-family homes as of October 2012 decreased 23.5 percent from October 2011. This was also the largest single month year-over-year decrease since MAR has been tracking this data.
The inventory of condominiums on the market in October was down 32.2 percent compared to the year before.
Detached single-family homes stayed on the market an average of 102 days in October 2012, which was down from 114 days in October 2011. Condos stayed on the market an average of 102 days, which was down from 111 days in October 2011.
So far, it looks like 2012 will be the start of the rebound for the real estate market, and as you know, demand will continue to increase. If you are considering Building, Remodeling or Renovating your Cape Cod Home, please CONTACT US today!