Cape Cod real estate prices leveled off in August as market activity continues its return to normal, according to the latest information from Cape Cod & Islands Association of REALTORS® (CCIAOR).
According to preliminary data released last week by CCIAOR, 454 homes sold in August, 378 single-family homes and 76 condominiums. Median sales price was $619,000 for single-family homes and $402,000 for condominiums. Last August, 662 homes (515 single-family homes and 147 condos) sold at a median price of $544,000 for single-family homes and $362,500 for condominiums. An astonishing 51 percent of properties closed above list price in August, fueling the 100.5 percent of list price received for closings in August, reflecting the market’s unpredictability for even the best, most seasoned agents.
Sales pending at the end of August were 428 for single-family homes and 117 for condominiums, a 29.5 percent decrease for single-family and a 22 percent decrease for condominiums, which will show up in closed home sales in the coming months. Last August, there were 607 pending single-family homes and 150 pending condominiums.
New listings in August for single-family homes were 458 and 126 for condominiums. This is a 13.9 percent decrease, and a 13.1 percent decrease respectively from last August, which had 532 new listings for single-family homes and 145 new listings for condominiums. While new listings are still well off the pace needed for a balanced real estate market, the gap between new listings from August, 2019 (the last pre-pandemic August for which data is available) and August, 2021 is beginning to show signs of closing, offering some hope that the inventory shortage August be beginning to ease.
“In a market that has seen this kind of increase that can not be sustained over a long period, it’s important as you look for an REALTOR® that helps you sell or buy – you seek one who is knowledgeable about today’s market as it’s a moving target,” advised Ryan Castle, CEO of the Cape Cod & Islands Association of REALTORS®.
“The dramatic shifts in price and activities that were the hallmarks of Cape Cod real estate have subsided, and we’re returning to pre-pandemic levels of activity for this time of the year; however, very few houses for sale are still keeping prices high right now,” Castle added.
At the end of August, there were 535 single-family homes for sale and 162 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last August, there were 1,050 single-family homes and 355 condos listed for sale, a 49 percent decrease, and a 54.4 percent decrease, respectively.
Cumulative days on market for August decreased 70.7 percent for single-family homes compared to last August, dropping from 99 days to 29 days. Condominiums had a 67 percent decrease in cumulative days on market compared to last August, dropping from 355 days to 162 days.
Data released reflects all single-family homes and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.