The Cape Cod housing market is still seeing a high demand from buyers, although sales are less than a year ago, according to the latest data released this week by the Cape Cod & Islands Association of REALTORS® (CCIAOR).
CCIAOR said 533 homes sold in September, including 416 single-family homes and 117 condominiums. Median sales price was $625,500 for single-family homes and $400,000 for condominiums. Last September, 717 homes (563 single-family homes and 154 condos) sold at a median price of $550,000 for single-family homes and $353,750 for condominiums.
Sales pending at the end of September were 413 for single-family homes and 126 for condominiums – a 30.4 percent decrease for single-family and a 28 percent decrease for condominiums, which will show up in closed home sales in the coming months. Last September, there were 593 pending single-family homes and 175 pending condominiums.
While the housing market data is showing a decline when comparing it to 2020 – a historic year for real estate on Cape Cod – there is still more activity and sales than in years previous to 2020.
“It is important to put the Cape Cod housing market in historical perspective,” explained Ryan Castle, chief executive officer of the Cape Cod & Islands Association of REALTORS®. “Sellers are still getting more money for their homes then they ever thought of in 2019 or before – and there is still more demand as remote workers, second home owners, and future retirees are trying to find their place on the Cape.”
When comparing data to 2019 in September, the recent numbers for pending sales and closed sales were up – 10 percent in pending sales and 20 percent in closed sales.
“The Cape market still has strong demand from buyers. They are being a little more cautious and picking their spot to buy. Inventory also is still completely depleted. While we are up from our lowest numbers, we still are seeing new listings below what we traditionally expect,” Castle said.
New listings in September for single-family homes were 457 and 126 for condominiums. This is a 22.1 percent decrease, and a 19.7 percent decrease respectively from last September, which had 587 new listings for single-family homes and 147 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 September 2019 (the last pre-pandemic September for which data is available) and September 2021 is beginning to show signs of closing, offering some hope that the inventory shortage September is beginning to ease.
At the end of September, there were 550 single-family homes for sale and 147 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last September, there were 966 single-family homes and 308 condos listed for sale, a 43.1 percent decrease, and a 52.3 percent decrease, respectively.
Cumulative days on market for September decreased 76.3 percent for single-family homes compared to last September, dropping from 97 days to 23 days. Condominiums had a 77.8 percent decrease in cumulative days on market compared to last September, dropping from 90 days to 20 days.