Declining Housing Sales on Cape Cod Due to Market Inactivity

May 26, 2023

HYANNIS – Preliminary reports for April are showing a trend of higher median housing prices with less pending sales in the Cape Cod area.

The trend has been a focus of the Cape and Islands Association of Realtors and has the CEO, Ryan Castle, fearing that it will continue in that direction.

“Sales were down in 2022, and we expect them to drop further than they were, because there are not the new listings that are of normal circumstances coming on the market. We’re not seeing growth in new inventory,” Castle said.

The reports released by the Cape Cod & Islands Association of Realtors, showed 284 homes were sold in April of this year with the median sales price of $760,000 for single-family homes and $442,500 for condominiums.

In April of 2022, 341 homes were sold at a median price of $726,500 for single-family homes and $385,000 for condominiums.

Castle said changes will need to be made in order to turn the trends in a positive direction for the future.

“Numbers show less than 0.5% of new units get built a year, which is well below any real norms. What we have to do is work on initiatives that boost new construction where there is already sewer and infrastructure in place,” said Castle.

The cumulative days on market for April increased 23.1% for single-family homes compared to last April, while condominiums had a 50% increase in that same timeframe.