WEST YARMOUTH – Cape Cod real estate broke records in June.
“The sales that are pending, ready to close, and awaiting some of the paperwork to get to the closing table was a record number,” said Cape Cod and Islands Association of Realtors President Ryan Castle.
“That basically means that any house that had an accepted offer in June went to record numbers so what we are seeing is unprecedented levels of interest in buying a house on Cape Cod right now.”
The number of homes and condominiums entering the pending status reached an all-time high in June with 781.
This continued a more than month-long trend of increased activity in the Cape Cod market as real estate continues to recover from the impacts of the coronavirus.
“Pending is a key metric as it shows the market and sets up busy months in July and August for closed home sales,” continued Castle.
“Quite simply, the buyer demand and historically low level of available homes for sale we are seeing on the Cape right now is unprecedented, but there are still key questions that need to be answered as we move forward to see if this is going to be an ongoing trend or temporary spike.”
The Cape Cod market experienced decreased activity for the first ten weeks of coronavirus restrictions, but that has been followed by eight straight weeks of high levels of buying activity.
The first half of the year ended with 2,569 pending sales of single family homes and condominiums, 2,119 closed sales and a median sale price of $445,000.
“At the start of July, we moved out of pent up demand and into new demand,” said Castle.
“We will be tracking it to see how long this continues, as we are finding that buyers are reevaluating their life and deciding to make a work from home scenario work. We, as a community need to support them to turn them from temporary work-from-home second home folks into permanent work-from-home Cape residents.”
Sales pending at the end of June were 650 for single-family homes and 131 for condominiums, a 76 percent increase for single-family and 32 percent increase for condominiums, which will show up in closed home sales in the coming months.
Last June, there were 369 pending single-family homes and 99 pending condominiums.
The 650 pending single-family home sales are a record high numbers since the Cape Cod and Islands Multiple Listing Service began recording computerized data.
Sales were down from 2019 levels for June due to the economic and mobility restrictions on the market in March and April due to COVID-19, which falls in line with previously released numbers of pending sales for prior months.
According to preliminary data released by the Cape Cod and Island Association of Realtors, 506 homes sold in June, 419 single-family homes and 87 condominiums.
The median sales price was $475,000 for single family homes and $326,000 for condominiums.
Last June, 532 homes sold at a media price of $449,000 for single-family homes, and $315,000 for condominiums.
New listings in June for single family homes were 533 and 130 for condominiums.
This is a 0.8 percent increase, and a 6.5 percent decrease respectively from last June, which had 529 new listings for single-family homes and 139 new listings for condominiums.
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