There are less than half the number of homes for sale than there were 10 years ago
The available number of homes for sale in Barnstable County have fallen to a new historic low since Cape Cod & Islands Multiple Listing Service first started computerizing real estate data 20 years ago.
At the end of November, there were 1,914 single-family homes and 429 condominiums on the market in Barnstable County in the Cape Cod & Islands Multiple Listing Service. Contrast that to a decade ago in 2007, there were 4,124 single family homes and 1,408 condos for sale on Cape Cod. Just last year in 2016, there were 2,549 single-family homes and 621 condos listed as active for sale.
“Cape Cod has half as many homes for sale today as we did 10 years ago – and less than one-third of the condos that were for sale. That makes this week’s news that Governor Charlie Baker is making housing production a priority welcome news. We look forward to working with him and the legislature in ensuring proposals boost production and create more inventory on the market to stem the tide of homeownership becoming out of reach for Cape Codders,” said Greg Murphy, President of the Cape Cod & Islands Association of REALTORS®.
Governor Baker rolled out a new ‘Housing Choice Initiative’ statewide at the same time the news of historic low inventory is being reported on Cape Cod. Baker’s proposal aims to offer incentives to local governments to achieve a new Housing First designation and specify that certain smart zoning practices that encourage new housing production would only need a simple majority to pass at town meetings across the state.
The low inventory is driving up home prices on Cape Cod making homeownership more expensive for Cape Codders. Year-to-date, 3,854 single-family homes have sold for a median price of $398,000 and 998 condominiums have sold for a median price of $275,000 – compared to last year through November, 4,043 single-family homes had sold for a median price of $375,000 and 934 condominiums had sold for a median price of $275,000.
“At this point, it’s simply supply and demand economics. Less inventory will mean the houses sell for higher prices creating a further gulf between wages and housing affordability. New housing production is our way out and it is time for the entire community to get serious about creating housing at all price points as any new housing relieves pressure at all income levels,” added Murphy.
Sales pending at the end of November were 310 for single-family homes and 77 for condominiums – a 21.3 percent decrease for single-family and a 1.3 percent decrease for condominiums, which will show up in closed home sales in the coming months. Last November, there were 394 pending single-family homes and 78 pending condominiums.
Data released reflects all residential and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.