Cape & Islands June Real Estate Report: Lowest Number Of Listings In Over 18 Years

Filed Under: More News, Real Estate

Despite a general trend towards an increase in the number of homes coming onto the market, June 2021 saw the lowest number of new listings for a June in 18 years, according to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR).

A total of 516 homes sold in June, 404 single-family homes and 112 condominiums. Median sales price was $600,000 for single-family homes and $394,500 for condominiums. Last June, 522 homes (432 single-family homes and 90 condos) sold at a median price of $480,750 for single-family homes and $323,000 for condominiums.

Sales pending at the end of June were 416 for single-family homes and 102 for condominiums – a 35.8 percent decrease for single-family and an 18.4 percent decrease for condominiums, which will show up in closed home sales in the coming months. Last June, there were 648 pending single-family homes and 125 pending condominiums.

Historically June is on the downward side of the three big new listing months – April, May and June, after which new listings are followed by a lull before ramping up again for September and October. This is an indication that the serious inventory shortage on Cape Cod is not solely driven by demand, said CCIAOR CEO Ryan Castle.

“We’re hearing reports of demand softening. It’s less offers on a listing and maybe a couple more days to sell a house than what we have seen. However, the lack of inventory – and the lack of new listings coming on the market – is happening at the same time demand is softening, keeping the market really strong for sellers,” said Castle

New listings in June for single-family homes were 489 and 105 for condominiums. This is a 9.9 percent increase, and an 18.6 percent increase respectively from last June, which had 543 new listings for single-family homes and 129 new listings for condominiums.

At the end of June, there were 502 single-family homes for sale and 137 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last June, there were 1,343 single-family homes and 440 condos listed for sale, a 62.6 percent decrease, and a 68.9 percent decrease, respectively.

Cumulative days on market for June decreased 78.7 percent for single-family homes compared to last June, dropping from 108 days to 23 days. Condominiums had a 79.1 percent decrease in cumulative days on market compared to last June, dropping from 134 days to 28 days.

Data released reflects all single-family and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.