Government Shutdown Impacts Cape Cod Home Sales

WEST YARMOUTH – A rough January for Cape Cod real estate could be attributed to the partial government shutdown.

The Cape Cod & Islands Association of Realtors reports a drastic drop in sales volume last month. 229 homes and condos sold, which was down nearly 30 percent from the previous year.

The median sales price also fell about 3 percent to $395,000 from last January.

The association said buyers and sellers were unable to verify or get tax documents during the shutdown delaying closings and the processing of loans.

Sales pending at the end of January were 212 for single-family homes and 47 for condominiums. Last January, there were 196 pending single-family homes and 62 pending condos.

The mid-market segment of the market, which are listings between $500,000 and $1 million, was the hardest hit with the percentage of market volume dropping between 10 and 20 percent from January 2018, according to the CCIAOR.

New listings in January for single-family homes were 171, with 47 condominiums. News listings last year were 138 for single-family homes and 44 for condos.

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