The price of single family homes on Cape Cod is up 6 percent for the year, according to the Cape and Islands Association of Realtors. From January through October 3,234 single family homes were sold. That compares to 3,093 for the same period last year, an increase of 5 Percent.
The median price of a home on Cape Cod is $367,445. Last year at this time it was $360,012. With the exception of a burp in gain in 2011, home prices have steadily increased each year since bottoming out in 2009 at $303,976 during the Great Recession.
While sales and home values continue to improve, they have not yet made up the ground lost from the record high levels of 2005 and 2006 when the median price of a home here was $374,950 and $370,000 respectively.
One of the factors of increasing home values is a general lack of supply to meet the demand of buyers hoping to get into the Cape Cod real estate market. The number of active listings this year is down 4 percent from one year ago.
Since the mid-1990s, the first time the Cape and Islands Association of Realtors began tracking median home values, the price of a typical home on Cape Cod has surged from $113,000 in 1995 to $367,445 where it is today.