Cape Cod market activity falls in October as inventory continues to decline

by Liz Hughes

The Cape Cod housing market slowed down in October as the lack of housing inventory continued to decline.

The Cape Cod & Islands Association of Realtors released data this week outlining the drop in home sales from last year, while median sales prices continued to grow. 

“We continue to see a healthy demand for Cape Cod housing and those seeking to make their home on the Cape,” CCIAOR CEO Ryan Castle said in a release. “However, we fully expected this decline in market activity as the available homes for sale continues to decline, and you cannot expect to keep pace with a record-breaking 2020 housing market.”

In October, 473 homes sold on the Cape, including 365 single-family homes and 108 condominiums, at median sales prices of $640,000 and $415,500, respectively. A year ago, 715 homes (575 single-family homes and 140 condos) sold at a median price of $549,900 and $404,500, respectively. 

Pending sales of single-family homes were down 22.2% from October 2020, while pending condominium sales had a 38.9 % decrease. 

Citing the recent census numbers, Castle said there are now more year-round Cape Cod residents than ever. That’s good news for the market, but by adding more year-round residents, the available housing just isn’t quite there yet. 

October’s new listings included 469 single-family homes and 152 condominiums, a decrease of 46.2% and 44.9%, respectively, from last year. 

“As we are adding more year-rounders, we do not have the available housing to house them and as such, prices are escalating and making it harder for existing year-round Cape Codders to stay here,” he said. “We simply need more housing inventory.”

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