Cape Cod real estate broke records in June, according to the Cape Cod & Islands Association of REALTORS (CCIAOR) as real estate continues to recover from the impacts of the pandemic.
According to preliminary data released by the Cape Cod & Islands Association of REALTORS®, 506 homes sold in June, 419 single-family homes and 87 condominiums. Median sales price was $475,000 for single-family homes and $326,000 for condominiums. Last June, 532 homes (428 single-family homes and 104 condos) sold at a median price of $449,000 for single-family homes and $315,000 for condominiums.
New listings in June for single-family homes were 533 and 130 for condominiums. This is a 0.8 percent increase, and a 6.5 percent decrease respectively from last June, which had 529 new listings for single-family homes and 139 new listings for condominiums.
The association said that the number of homes that went “pending,” which means property under contract and contingencies, have been removed, reached an all-time high in June with 781 homes and condominiums entering the pending status.
“Pending is a key metric as it shows the activity in the market and sets up busy months in July and August for closed home sales,” said Ryan Castle, CEO of CCIAOR. “Quite simply, the buyer demand and historically low level of available homes for sale we are seeing on the Cape right now is unprecedented, but there are still key questions that need to be answered as we move forward to see if this is going to be an ongoing trend or temporary spike.”
The Cape Cod market experienced decreased activity for the first 10 weeks of coronavirus restrictions, but that was followed by eight straight weeks of high levels of buying activity.
The first half of the year ended with 2,569 pending sales of single family homes and condominiums, 2119 closed sales and a median sales price of $445,000. View year to date market statistics here.
“At the start of July, we moved out of pent-up demand and into new demand,” explained Castle. “We will be tracking it to see how long this continues, as we are finding that buyers are reevaluating their life and deciding to make a work from home scenario work. We, as a community need to support them to turn them from temporary work-from-home second home folks into permanent work-from-home Cape residents.”
Sales pending at the end of June were 650 for single-family homes and 131 for condominiums – a 76.2 percent increase for single-family and a 32.3 percent increase for condominiums, which will show up in closed home sales in the coming months. Last June, there were 369 pending single-family homes and 99 pending condominiums. The 650 pending single-family home sales are a record high number since the Cape Cod & Islands Multiple Listing Service began recording computerized data.
Sales were down from 2019 levels for June due to the economic and mobility restrictions on the market in March and April due to the coronavirus, which falls in line with previously released numbers of pending sales for prior months.