Real Estate Report: Inventory Showing Signs Of Life, New Listings Down Overall On Cape

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The Cape Cod real estate market showed no signs of slowing from its blistering pace in April 2021, posting a 74.3 percent increase in pending sales for single family homes from April 2020 despite near historically low levels of inventory.

Sales pending at the end of April were 380 for single-family homes and 100 for condominiums – a 74.3 percent increase for single-family and a 156.4 percent increase for condominiums, which will show up in closed home sales in the coming months. Last April, there were 218 pending single-family homes and 39 pending condominiums.

All participants of the recent Housing Assistance State of the Cape Virtual Summit on May 12, representing the Housing Assistance Corporation, Cape Cod and Islands Association of Realtors, Cape Cod Chamber of Commerce, the Association to Preserve Cape Cod and the MassHire Cape and Islands Workforce Board, pointed to housing for year round and seasonal workers as the core issue holding back the region’s economic recovery.

According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 394 homes sold in April 307 single-family homes and 87 condominiums. Median sales price was $625,000 for single-family homes and $345,000 for condominiums. Last April, 329 homes (265 single-family homes and 64 condos) sold at a median price of $439,900 for single-family homes and $303,250 for condominiums.

There were some small signs of the inventory crisis easing, however. New listings in April for single-family homes were 461 and 119 for condominiums. This is a 68.2 percent increase, and a 58.7 percent increase respectively from last April, which had 274 new listings for single-family homes and 75 new listings for condominiums.

“To reflect year over year comparison is not applicable, but we’re seeing signs of inventory growth for the first time in over a year, but are still down 75%,” says CCIAOR CEO Ryan Castle.

At the end of April, there were 394 single-family homes for sale and 151 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last April, there were 1,539 single-family homes and 462 condos listed for sale, a 74.4 percent decrease, and a 67.3 percent decrease, respectively.

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