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‘It’s a buyer’s market on Cape Cod’

Cape Cod market sees more price decreases in May than any month this year

by Liz Hughes June 28, 2022

The Cape Cod real estate market had more price decreases in May than it’s seen so far this year. 

According to a new report by the Cape Cod & Islands Association of Realtors, 130 listed properties dropped their prices in May, representing 20% of new listings.

Along with those decreases, Cape Cod residential real estate saw median sales price growth and decreases in pending sales last month.

In May, 384 homes sold on the Cape, including 296 single-family homes and 88 condominiums, at median prices of $749,000 and $426,000, respectively. A year ago, 350 single-family homes and 92 condos sold at median prices of $627,950 and $353,750, respectively. 

Pending sales fell in May, when there were 343 single-family homes and 90 condominium sales pending at the end of the month. Pending sales for single-family homes fell 15.7% from last year, while pending condominium sales had an 18.9% decrease. In May 2021, there were 407 pending single-family homes and 111 pending condominium sales. 

There were 428 single-family homes and 85 condominiums for sale in the Cape Cod & Islands Multiple Listing Service at the end of May, compared to the same time last year when there were 491 single-family homes and 153 condos listed for sale.

The report also found drops in cumulative days on market, as single-family homes spent an average of 28 days on market, down 30% from 40 days last year. Condominium days on market were down 38.3%, dropping from 47 days to 29.

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Real estate market activity is declining on Cape Cod as inventory continues to fall and the median sale price rises. 

Cape Cod residential real estate

Cape Cod residential real estate again saw declining sales, homes selling above asking price, and falling inventory in April, continuing the pattern found in the first quarter of the year, according to a new report from the Cape Cod & Islands Association of Realtors

Single-family homes and condo sales

In April, 334 homes were sold on the Cape, including 247 single-family homes and 87 condominiums, at median prices of $725,000 and $385,000, respectively. A year ago, 309 single-family homes and 88 condos sold at median prices of $625,000 and $377,500, respectively. 

Single-family homes and condos pending sales

Pending sales also fell in April, when there were 330 single-family homes and 77 condominium sales pending at the end of the month. Pending sales for single-family homes fell 7.8% from last year while pending condominium sales had a 21.4% decrease. In April 2021, there were 358 pending single-family homes and 98 pending condominium sales.  

Ryan Castle, CEO of CCIAOR, said the slowdown in sales is due to a lack of inventory, the impact of which is being compounded by rising interest rates and inflation. 

The report also found drops in cumulative days on market, as single-family homes spent an average of 37 days on market, down 37.3% from 59 days last year. Condominium days on market were down 42.6%, dropping from 54 days to 31. 

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Man, when was the last time you heard the phrase “buyer’s market” in this housing region?

It may be cut-throat competitive to find a decent and affordable home in the immediate Boston area, but that’s not true on Cape Cod, where housing prices are still lagging pre-recession highs and where you can actually buy a home without a gazillion other people bidding on the property.

We told you about this Cape trend earlier. The most recent numbers cited in today’s article confirm the Cape is still lagging.

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Updated: Boston Real Estate Blog 2022

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