The Cape Cod real estate market continued to surge in sales in April as inventory levels started showing signs of recovery.
More than half (53%) of April sales closed above list price, compared to 43% in March, a statistic that is normally under 10%, according to the Cape Cod & Islands Association of Realtors monthly report.
Cash transactions accounted for 39% of sales, while normally the Cape Cod market would see 25% cash purchases. “While we have seen this number tick up since the boom started, this is the highest we have seen the cash deals, as even for all of 2020, cash only represented about 28% of the market,” the report stated.
The report says the most recent data is significant because it shows nearly one in two listings are going for below asking price and more than 60% of transactions are being financed.
April saw the first inventory increase on a month-to-month basis since the beginning of the pandemic. And while supply is on the rise, new listings are still down from where they normally would be.
Single-family listings rose 68.2% from the same period in 2020, while condo listings were up 58.7%.
Monthly single-family home sales rose 74% compared to last year, despite low inventory levels. At month end, there were 380 pending single-family home and 100 pending condominium sales, representing annual increases of 74.3% and 156.4%,respectively.
“To reflect year over year comparison is not applicable, but we’re seeing signs of inventory growth for the first time in over a year, but are still down 75%,” CCIAOR CEO Ryan Castle said in a press release.
Days on market also decreased in April — 49.1% for single-family homes from last year which dropped from 112 days to 57 days. Condominiums decreased 53.4% from 118 days to 55.