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Hold onto your hats because home sales are up on the Cape

by Kasey Chronis

Prepare yourself to be shocked because the latest report from the Cape Cod & Islands Association of Realtors shows March homes sales were actually up from a year ago.

Preliminary data shows that 400 homes were sold in March — 326 single-family homes and 74 condominiums. That’s up from 294 homes and 65 condos sold in March 2019.

The median sales prices last month was $441,250 for single-family homes and $306,000 for condominiums. That’s also up from $421,500 and $255,000, respectively, from March 2019.

“Realtors, lenders and closing attorneys did a herculean job of getting closings across the table to close with sales up more than 10% year over year in March 2020,” CCIAOR CEO Ryan Castle said on the association’s website. “That highlights the strength of the market at that time. We know from discussions with CCIAOR members and lenders that there were real estate closings cancelled because of the issues related to the pandemic.

“Closings still finishing the month up is a good sign for the market as we are in a period of high uncertainty with COVID-19.”

Despite the positive news about home sales, pending sales dropped 11.9% to 317 for single-family homes and 23.3% to 69 for condominiums. New listings were also down in March from the same time last year — 14.7% to 480 for single-family homes and 10.5% to 111 for condos.

Days on the market increased from 123 to 124 days for single-family homes and 92 to 102 for condos.

A CCIAOR analysis noted that inventory is “taking a drastic turn for tighter supply as fewer new listings came on the market due to COVID-19.” This lower level of new listings coupled with sellers who have temporarily withdrawn their house from the market will likely lead to a lower number of homes for sale, the analysis added.

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