Real Estate Sales Still Dropping, Prices Stay High

HYANNIS – Preliminary data from a local real estate group shows the number of real estate sales are still dropping but prices remain high.   

The latest figures from the Cape Cod & Islands Association of REALTORS show 428 homes were sold in September. Three-hundred-thirty-three were single-family homes and 95 were condominiums. 

The median sales price for single family homes last month was $675,000 and $545,000 for condos.

In September 2021, 538 homes were sold, which consisted of 420 single-family homes and 118 condos. The median sales prices last year were $625,000 for homes and $403,500 for condos.  

“While we are seeing some movement on pricing and homes are staying on the market longer, demand for Cape Cod housing remains strong as our months supply of inventory is low and is likely to remain that way, absent any drastic changes,” CEO Ryan Castle said.  

Castle said for any major market changes to happen there would need to be an oversupply of housing, which is unlikely given the Cape’s limited inventory. 

He added a “complete evaporation of demand” would also shift the market, but they don’t anticipate that happening. 

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.
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