Cape Cod Real Estate Market May Cool Down

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WESTERN YARMOUTH – According to a recent report by the Cape Cod and Islands Realtros Association, the year-long frenzy fueled by buyers seeking shelter in Cape Cod has subsided as market activity returns to pre-pandemic levels.

However, the association said the pandemic has reshaped Cape Cod’s housing landscape for the foreseeable future.

According to preliminary figures released last week, 453 homes were sold in July, including 358 private homes and 95 condominiums.

The median sale price at the end of July was $ 600,000 for single-family homes and $ 395,000 for condominiums.

Last July, 590 single-family homes and 112 condominiums were sold at an average price of $ 496,500 for single-family homes and $ 338,500 for condominiums.

Pending sales at the end of July were 380 single-family and 106 condominiums, down 37.6% for single-family and 30.3% fewer for condominiums.

As of the end of July last year, there were 609 single-family homes and 152 condominiums under construction.

However, a group of realtors say it is better to compare today’s market performance compared to 2019, before the pandemic affected the market.

Sales rose slightly in July 2021 compared to the same month in 2019, while pending sales declined slightly, indicating a return to a normalized market.

The pandemic’s damage to the Cape Cod housing market will be reflected in high house prices due to low inventory levels in the regions.

New listings of single-family homes and condominiums are down 18.7% and 4.4%, respectively, from last July.

“Inventories have not recovered and prices have not declined, but market activity is slowing, indicating that this could be the last chance for sellers to take advantage of the insane homebuyer market and begin listing,” said Ryan Castle, CEO of the Cape Cod and Islands Realtors Association. …

At the end of July, 544 single-family homes and 159 condominiums were listed on Cape Cod & Islands Multiple Listing Service.

In July last year, 1,184 single-family homes and 398 condominiums were put up for sale, down 54.1% and 60.1%, respectively.

The cumulative number of days on the market for single-family homes in July was down 79.2% from last July, dropping to 22 days from 106.

The total number of days on the condominium market during the same period decreased by 60%, from 115 to 46.

Published figures reflect all single-family homes and condominiums in the Cape Cod and Isles Multiple Listing Service for Barnstable County.

By Matthew Tomlinson, CapeCod.com NewsCenter



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