May Housing Report Reflects Frenzied Spring Market On Cape & Islands

Filed Under: Real Estate, More News

According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 438 homes sold in May, 347 single-family homes and 91 condominiums.

The median sales price was $630,000 for single-family homes and $350,000 for condominiums. Last May, 301 homes (241 single-family homes and 60 condos) sold at a median price of $454,500 for single-family homes and $266,392 for condominiums. An astonishing 63 percent of properties closed above list price in May – fueling the 104.5 percent of list price received for closings in May, reflecting the market’s unpredictability for even the best, most seasoned agents, commented Ryan Castle, CEO of the Cape Cod & Islands Association of REALTORS®.

Sales pending at the end of May were 436 for single-family homes and 117 for condominiums – a 10.7 percent increase for single-family and a 37.6 percent increase for condominiums, which will show up in closed home sales in the coming months. Last May, there were 394 pending single-family homes and 85 pending condominiums.

New listings in May for single-family homes were 511 and 116 for condominiums. This is a 9.9 percent increase, and a 11.5 percent increase respectively from last May, which had 465 new listings for single-family homes and 104 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 May 2019 (the last pre-pandemic May for which data is available) and May 2021 is beginning to show signs of closing, offering some hope that the inventory shortage may be beginning to ease.

“In a market that has seen this kind of increase that cannot be sustained over a long period, it’s important as you look for a REALTOR® that helps you sell or buy – you seek one who is knowledgeable about today’s market as it’s a moving target,” said Castle.

At the end of May, there were 448 single-family homes for sale and 144 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last May, there were 1,537 single-family homes and 457 condos listed for sale, a 70.9 percent decrease, and a 68.5 percent decrease, respectively.

Cumulative days on market for May decreased 62 percent for single-family homes compared to last May, dropping from 100 days to 38 days. Condominiums had a 57.3 percent decrease in cumulative days on market compared to last May, dropping from 110 days to 47 days.

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