The Cape’s very long housing-market recovery
The Cape’s very long housing-market recovery
May brought “welcome news” to the Cape Cod real estate market, according to a preliminary report released by the Cape Cod & Islands Association of REALTORS.
In May, 790 single family homes were listed on the Cape Cod & Islands Multiple Listing Service in Barnstable County, a 16.7% percent yearly increase. Condo listings saw an even bigger boost at 283 new listings, a 62.6% increase.
Sales decreased slightly, with 249 single-family homes and 74 condos sold last month, compared to 295 homes and 72 condos in May 2024.
However, more homes and condos in Cape Cod’s market went under contract in May relative to the same month last year, with increases of 0.4% and 2.6%, respectively.
Single-family homes fetched a median sales price of $755,000, while condos brought in a median price of $443,500. Cape Cod properties sold for a median of $475 per square foot for single-family homes and $411 for condos.
“The biggest trend we’re seeing in the market over the last few months is the increase in inventory,” noted CCIAOR President Todd Machnik. “While affordability remains a persistent challenge for many buyers in our market, your eyes are not deceiving you: You are actually seeing more for sale signs across the Cape.”
He continued: “This is welcome news for a region that has been starved for inventory over the last five years. Homes are still selling at or close to list price, so while the increased inventory is certainly helpful to buyers, they should still be prepared to make their first offer a serious one if they want to land the property.”
The Cape’s very long housing-market recovery
Massachusetts real estate
Here’s a story about how the national vacation-home market is starting to pick up.
From the data we’ve seen, there’s also been an impressive uptick in real-estate activity on the Cape, with some homes going for big bucks.
But other recent data we’ve seen, from the Warren Group, suggests the Cape and even the Islands have a way to go to catch-up to their pre-recession peak levels. Brewster’s median home prices were still down 12 percent from pre-recession highs as of late last year. Others include Barnstable (down 11.7 percent), Sandwich (down 12.5 percent), Falmouth (down 13.2 percent) and Orleans (down 14.6 percent).
It’s not too surprising. Before vacation-area housing markets can recover, the general national and state economies have to recover first and people have to get back on their financial feet before they can even consider buying (or renting) a second home.
But the Cape will bounce back soon, likely this year, in many if not most towns.
File under: Pass the hot dogs … Speaking of which: Mmmm. Hot dogs. See below. Oooooo. Summer. Barbecues. Right around the corner.
Map via Wikimedia Commons.
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Updated: December 2017
