Cape Cod real estate listings were at their lowest level in 18 years in June, according to the Cape Cod & Islands Association of Realtors.
The report found there are simply not enough homes on the market and the pipeline to replace those that sell isn’t delivering. Until new inventory is created, the current cycle may not end.
“We’re hearing reports of demand softening,” said CCIAOR CEO Ryan Castle. “It’s less offers on a listing and maybe a couple more days to sell a house than what we have seen. However, the lack of inventory — and the lack of new listings coming on the market — is happening at the same time demand is softening, keeping the market really strong for sellers.”
September will be the month to see if things do change. Historically, it’s an active month in both listings and sales.
Pending sales of single-family homes on Cape Cod are up 2.6% year to date but fell down more than 35% year over year in June, “a harbinger of things to come when comparing it to the best real estate market Cape Cod has ever seen,” according to the report.
Closed sales for the past six months were up 11% from last year but down 6.5% in June.
Condo sales, on the other hand, are showing significant growth, with pending sales up 31%, closed sales up 26% and the median sales price up 15%.