WEST YARMOUTH – The July report from the Cape Cod and Islands Association of Realtors suggests that the regional real estate market continues to see increased activity, but the lack of home inventory is something that needs to be addressed.
The association has reported that over 60% of homes that came onto the market during the month of July were under contract by the middle of August.
Median sales prices for single-family homes and condominiums rose in comparison to last July to $498,950 and $336,500 respectively.
Those increases in value attributed to a record breaking month when it came to volume.
$457 million was transacted in Barnstable county through the Cape Cod and Islands Multiple Listing Service, which was a 93% increase from July 2019 and the highest mark recorded by over $135 million.
Cape Cod and Islands Association of Realtors CEO Ryan Castle said that interest in Cape Cod and the Islands as a place to buy has continued to increase.
“We’re seeing a ton of sales happen right now from activity in June and late May,” Castle said, “and we expect another great month of closings in August as well.”
The region also saw increases in homes pending at the end of the month and new listings compared to last July.
Despite those numbers, though, Castle explained that the future growth of the housing market–and thus the local economy as a whole–could be hindered by a lack of home inventory.
The total amount of single-family homes and condominiums that were up for sale on the MLS by the end of the month decreased from July 2019 by roughly 45% and 31% respectively.
Castle added that building a long-term inventory of homes and condominiums is vital to maintaining overall economic prosperity and establishing housing accessibility.
“That’s ingrained in the Cape Cod culture, which is something that needs to change,” Castle said.
“Because if not, we’ll never be able to solve housing affordability without more availability.”
People seem to be holding off on putting their homes up for a number of reasons, Castle said.
He explained that the overall low inventory market mixed with low interest rates and the simple utilization of homes during the summer have all lead to less homes being put on the market.
Castle complimented Governor Charlie Baker and the state legislature on making positive first steps in fixing these inventory issues.
About Brendan Fitzpatrick
