Low inventory has resulted in an expected decline in sales in the Cape Cod and Islands real estate market, the Cape Cod & Islands Association of REALTORS® (CCIAOR) reported this week.
According to preliminary data released last week by CCIAOR, 855 homes were sold in the first quarter of 2022, 663 single-family homes and 192 condominiums. The median sales price was $650,000 for single-family homes and $425,000 for condominiums. In the first quarter of 2021, 1,093 homes (856 single-family homes and 237 condos) sold at a median price of $590,000 for single-family homes and $340,000 for condominiums.
Sales pending at the end of first quarter 2022 were 718 for single-family homes and 221 for condominiums – a 24 percent decrease for single-family and a 22.5 percent decrease for condominiums, which will show up in closed home sales in the coming months. In the first quarter of 2021, there were 945 pending single-family homes and 285 pending condominiums.
At the end of the first quarter of 2022, there were 274 single-family homes for sale and 93 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. At the end of the first quarter of 2021, there were 378 single-family homes and 148 condos listed for sale, a 27.5 percent decrease, and a 37.2 percent decrease, respectively.
“We are seeing the expected decline in total sales brought on by the persistent levels of low inventory over the last two years.” notes CCIAOR CEO Ryan Castle. “What we are watching into the future is how consumers respond to rising interest rates and new rules governing second home loans by Fannie Mae, which might just give cash buyers even more of an upper hand moving forward.”
Within the first quarter of 2022, there were 209 single-family homes and 186 condominiums for sale with a list price of less than $500,000. Within the first quarter of 2021, there were 407 single-family homes and 290 condominiums for sale with a list price of less than $500,000, a 48.6 percent decrease, and a 35.9 percent decrease, respectively.
Cumulative days on market for the first quarter of 2022 decreased 52.1 percent for single-family homes compared to the first quarter of 2021, dropping from 73 days to 35 days. Condominiums had a 46.3 percent decrease in cumulative days on market compared to the first quarter of 2021, dropping from 82 days to 44 days.
Data released reflects all single-family homes and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.