Cape Cod Real Estate Market May be Cooling Off

WEST YARMOUTH – According to a recent report by the Cape Cod & Islands Association of Realtors, the year-long frenzy fueled by buyers seeking refuge on Cape Cod has subsided as market activity is returning to pre-pandemic levels.

Regardless, the association said the pandemic has altered the Cape Cod housing landscape for the foreseeable future.

According to preliminary data released last week, 453 homes were sold in July, comprised of 358 single-family homes and 95 condominiums.

Median sales price at the end of July was $600,000 for single family homes and $395,000 for condominiums.

Last July, 590 single-family homes and 112 condominiums, sold at a median price of $496,500 for single-family homes and $338,500 for condominiums.

Sales pending at the end of July were 380 for single-family homes and 106 for condominiums, a 37.6% decrease for single family and a 30.3% decrease for condominiums.

At the end of last July, there were 609 pending single-family homes and 152 pending condominiums.

However, the Realtors group says the better comparison is to look at today’s market metrics compared to 2019, before the pandemic influenced the market.

Sales slightly increased in July 2021 compared to the same month in 2019, while pending sales were slightly down, indicating a return to a normalized market.

The toll the pandemic took on Cape Cod’s housing market will be reflected in high housing prices due to the regions low inventory.

New listings dropped 18.7% and 4.4% respectively for single-family homes and condominiums since last July.

“Inventory hasn’t rebounded and prices haven’t subsided, but market activity is slowing, which shows it may be the last chance for sellers to take advantage of a frenzy home buyer market and list now,” said Ryan Castle, CEO of the Cape Cod & Islands Association of Realtors.

At the end of July, there were 544 single-family homes for sale and 159 condominiums for sale in the Cape Cod & Islands Multiple Listing Service.

Last July, there were 1,184 single-family homes and 398 condominiums for sale, a 54.1% and 60.1% decrease, respectively.

Cumulative days on the market for July decreased 79.2% for single-family homes compared to last July, dropping to 22 days from 106.

Condominiums had a 60% decrease in cumulative days on market during the same span, dropping from 115 days to 46.

Data released reflects all single-family homes and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.

By, Matthew Tomlinson, NewsCenter

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