Fewer new listings are just one characteristic contributing to the “stagnant” real estate market on Cape Cod, as of June.
According to preliminary data released by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 342 homes were sold in June, 2023: 273 single-family homes, and 69 condominiums. The median sales price was $735,000 for single-family homes and $449,900 for condominiums. In June 2022, 424 homes (336 single-family homes and 88 condos) sold at a median price of $709,500 for single-family homes and $422,500 for condominiums.
Sales pending at the end of June were 273 for single-family homes and 53 for condominiums – a 11.7 percent decrease for single-family and an 34.6 percent decrease for condominiums, which will show up in closed home sales in the coming months. Last June, there were 309 pending single-family homes and 81 pending condominiums.
At the end of June, there were 447 single-family homes for sale and 123 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last June, there were 549 single-family homes and 126 condos listed for sale, a 18.6 percent decrease, and a 2.4 percent decrease, respectively.
However, that increase in inventory was due to less houses going under contract, not more new listings. New listings continued to see decline as there were 293 new listings in June, which was a 33.9 percent decline in the number of new listings from June 2022.
“The numbers are doing exactly what we thought. Inventory is staying stagnant and the number of home sales are dropping. The lack of new construction at a broad scale for the ‘for sale’ market is going to constrict the housing market availability and allow second homeowners and retirees to outbid those who work here. Homeowners can get top dollar for their house, but they want to stay on the Cape and there are few opportunities to buy something else,” said Ryan Castle, CEO of the Cape Cod & Islands Association of REALTORS.
Cumulative days on market for June increased 100 percent for single-family homes compared to last June, increasing from 17 days to 34 days. Condominiums had a 22.2 percent decrease in cumulative days on market compared to last June, decreasing from 36 days to 28 days.
Historical and town-by-town specific data: http://capecodrealestatestats.com/
Data released reflects all single-family homes and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.