Cape Real Estate Market Activity Down As Inventory Continues To Decline

Filed Under: More News, Real Estate

An “expected” decline brought on by the persistent levels of low homes for sale inventory over the last two years is reflected in the first quarter data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR).

According to 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 of 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.

“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,” noted CCIAOR CEO Ryan Castle.

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.


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