Cape Cod’s Hot Real Estate Market Throttled by Low Inventory

Home For Sale Real Estate Sign and House

HYANNIS – Recent data from the Cape Cod & Islands Association of Realtors (CCIAOR) shows less homes were sold in the region during the first quarter of 2022 than compared to the same period last year.

“We are seeing the expected decline in total sales brought on by the persistent levels of low inventory over the last two years,” CCIAOR CEO Ryan Castle said.

The report states that 855 homes were sold in 2022’s first quarter, 663 of which were single-family homes and 192 were condominiums.

The median sales price was $650,000 for single-family homes and $425,000 for condos.

Comparatively, 1,093 total homes were sold were sold in the first quarter of 2021, 856 were single-family homes at a median price of $590,000 and 237 were condos for median price of $340,000.  

According to CCIAOR’s site, even though the number of sales is lower compared to a year ago, the higher median price is keeping the value of all residential sales combined on the Cape at high levels.

“What we are watching into the future is how consumers respond to rising interest rates and new rules governing second home loans by Fannie Mae, which might just give cash buyers even more of an upper hand moving forward,” Castle said.

By Brian Engles, NewsCenter

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