Cape Cod real estate market remains historically strong

by Liz Hughes

Cape Cod’s housing market remained historically strong in September, despite declines from last year. 

The Cape Cod & Islands Association of Realtors released data this week showing that although the number of sales declined when compared to last year’s historical year for real estate, there was still more activity and sales than in other years. 

Cape Cod & Islands Association CEO Ryan Castle said in a release that it’s important to put the Cape Cod housing market in “historical perspective.” 

“Sellers are still getting more money for their homes than they ever thought of in 2019 or before — and there is still more demand as remote workers, second-home owners, and future retirees are trying to find their place on the Cape,” he said. 

In September, 533 homes sold on the Cape, including 416 single-family homes and 117 condominiums, at median sales prices of $625,500 and $400,000, respectively. A year ago, 717 homes sold (563 single family’s and 154 condos) at a median price of $550,000 and $353,750, respectively. 

Pending sales of single-family homes were down 30.4% from September 2020 while pending condominium sales had a 28% decrease. Yet when compared to September 2019, pending sales increased by 10%, and closed sales increased by 20%, according to the report. 

The data indicates that the inventory shortage is beginning to ease: The gap between September 2019 new listings and last month’s is showing signs of closing. 

September’s new listings included 457 single-family homes and 126 condominiums, a decrease of 22.1% and 19.7%, respectively, from last year. 

“The Cape market still has strong demand from buyers. They are being a little more cautious and picking their spot to buy. Inventory also is still completely depleted. While we are up from our lowest numbers, we still are seeing new listings below what we traditionally expect,” Castle said.

Days on market also decreased in September. Single-family homes saw a drop of 76.3% from last year, from 97 days to 23. Condominiums decreased 77.8%, dropping from 90 days to 20.

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