The housing market on Cape Cod in May was frenzied and unpredictable, according to the Cape Cod & Islands Association of Realtors.
Cape Cod home prices continued to soar, as an “astonishing” 63% of homes closed above list price, fueling the 104.5% of list price that was paid during the month, according to the Cape Cod & Islands Association Realtors May housing report.
Four hundred and thirty-one single-family homes and 91 condominiums sold in May. The median price of a single-family home was $630,000, while it was $350,000 for condos. By comparison, in May 2020, 241 single-family homes and 60 condos sold at median prices of $454,500 and $266,292, respectively.
End-of-month pending sales rose 10.7% to 436 single-family homes and 37.6% to 117 condominiums. May 2020 closed with 394 pending single-family home sales and 85 pending condominium sales.
“In a market that has seen this kind of increase that cannot be sustained over a long period, it’s important as you look for a Realtor that helps you sell or buy — you seek one who is knowledgeable about today’s market, as it’s a moving target,” Ryan Castle, CEO of the Cape Cod & Islands Association of Realtors, said in a release.
New listings for single-family homes rose 9.9% on an annual basis to 511, while they rose 11.5% to 116 for condominiums.
The gap between new listings from May 2019 and May of this year is showing signs of tightening, an indication that the inventory shortage may be easing, according to the report.
At month-end, there were 448 single-family homes for sale and 144 condos. May 2020 ended with 1,537 single-family homes and 457 condos listed for decreases of 70.9% and 68.5%, respectively.
Cumulative days on market last month decreased 62% for single-family homes compared to last May from 100 days to 38. Condos saw a 57.3% decrease compared to May 2020 dropping from 110 days to 47 days.