Sales of single-family homes on Cape Cod dipped the first six months of the year compared to one year ago, but prices increased by 2.6 percent, according to the Cape and Islands Association of Realtors. The number of homes sold decreased 6.6 percent year-to-date, with 1,685 homes sold in 2014 versus 1,804 in 2013.
Attractive mortgage rates and low inventory resulted in higher sales price and fewer days on the market. The median price of a Cape Cod home is up $10,000 to $355,000 from $345,000 one year ago. In addition, the number of days on the market fell by 2 percent. The typical home is on the market for 185 days this year, shaving four days from last year's figure of 189.
Cape Cod is a diverse collection of towns and villages, each with it's unique style and flavor. The map below shows how prices vary from town to town as well. Where are the pricier homes? Brewster or Harwich? Truro or Wellfleet? The map spells it out.
Note that the dollar amount shown is an average figure and not a median. Averages are skewed by a few prices at the very top and are not as good an indicator of the market as a median price, however this was the data that was available to me. Please excuse the letter litter at the left side of the image. I couldn't cut it out without losing part of beautiful Falmouth and Sandwich.
If you are a Cape Cod homeowner, congratulations, prices continue to rise after bottoming out in 2012. If you wish to buy a home here, jump in while mortgage rates are in the 4s and values are still low relative to the height of the real surge in 2007.