Real Estate Market Trends Suggest A Possible Cooldown

WEST YARMOUTH – The Cape Cod & Islands Association of Realtors recently reported that Cape Cod real estate prices leveled off in August, indicating a possible return to normal market activity.

454 homes, including 378 single-family homes and 76 condominiums, were sold in August according to preliminary data released by CCIAOR

Median sales price was $619,000 for single-family homes and $402,000 for condominiums.

Last August 662 homes were sold including 515 single-family homes and 147 condominiums at a median sale price of $544,000 for single-family homes and $362,000 for condominiums.

Pending sales at the end of August indicated a 29.5% decrease for single-family homes and 22% decrease for condominiums compared to the year prior, dropping from 607 pending single-family homes and 150 pending condominiums to 428 and 117, respectively.

New listings in August for single-family homes and condominiums were 458 and 117, respectively, down from 532 newly listed single-family homes and 145 newly listed condominiums last August.

New listings for August represented a 13.9% decrease among single-family homes and 13.1% decrease among condominiums compared to last August.

The numbers suggest that current inventory shortages may be starting to ease.

“In a market that has seen this kind of increase that cannot be sustained over a long period, its important as you look for a Realtor that helps you sell or buy- you seek one who is knowledgeable about today’s market as it’s a moving target” said Ryan Castle, CEO of the CCIAOR.

“The dramatic shifts in price and activities that were the hallmarks of Cape Cod real estate have subsided,” he added, “and we’re returning to pre-pandemic levels of activity for this time of the year. However, very few houses for sale are still keeping prices high right now.”

According to the Cape Cod & Islands Multiple listing Service there were 535 single-family homes for sale and 162 condominiums for sale at the end of August.

The year prior, 1,050 single-family homes and 355 condos were listed for sale, representing a 49% decrease and a 54.4% decrease.

Cumulative days on market for August dropped from 99 days to 29 days, or 70.7% for single-family homes compared to last August. Condominiums dropped from 355 days to 162 days on market, a 67% decrease.

Sourced data comes from the Cape Cod & Islands Multiple Listing Service for Barnstable County.

By, Matthew Tomlinson, NewsCenter

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