Lack of Inventory Slowing Cape Cod Real Estate Sales

HYANNIS – The Cape Cod & Islands Association of Realtors released their latest figures for Cape Cod real estate transactions in April 2022, with limited inventory and other factors leading to a lower total of sales compared to April of last year.

“The slowdown in sales we are experiencing now is a result of the lack of inventory. However, compounding that moving forward are rising interest rates and inflation,” CEO Ryan Castle said.

The data shows that 334 homes were sold in April, 247 of which were single-family homes and 87 were condominiums.

The median sales price was $725,000 for single-family homes and $385,000 for condos in April 2022.

Last April, 397 total homes were sold were sold, 309 were single-family homes at a median price of $625,000 and 88 were condos for median price of $377,500.

The average number of days that houses spent on the market for April dropped for single-family homes compared to the same month last year, from 59 days to 37 days. Condos went from 54 days on the market last April to 31 days this April.

Similar to data reported for 2022’s first quarter of Cape real estate transactions, even though total sales are lower compared to figures from last year, the higher median price is keeping the value of all residential sales combined on the Cape at high levels.

The total numbers for pending sales and listings were also down compared to April 2021.

By Brian Engles, NewsCenter

About Brian Engles

Brian Engles is a longtime local of the Cape. He studied Film & TV at Boston University and in addition to his role at Cape Cod Broadcasting Media, he also works as a music instructor and records original songs.
737 West Main Street
Hyannis, MA 02601
Contact Us | Advertise Terms of Use 
Employment and EEO | Privacy