Despite declining sales and inventory issues, Cape Cod homes continued to sell above asking price during the first quarter.

Cape Cod residential real estate saw declining sales, homes selling above asking price and drops in inventory in the first quarter of the year, according to a new report from the Cape Cod & Islands Association of Realtors. 

Home sales on the Cape fell 22% in the first quarter compared to the same time last year. From March 2021 to March 2022 sales also fell 22%. 

Despite the drop in sales, the volume of total sales last month was the third highest March on record, according to the report. 

And while Cape Cod property sales were lower than last year, higher median prices continued to keep sales volume high. 

Declining inventory and demand are still driving up prices across the Bay State, and Cape Cod is no exception. 

Of the properties that closed in March, more than 53% sold above list price, one of the highest months CCIAR has seen. 

The percentage of cash deals has settled at approximately one-third of the market, compared to pre-pandemic, when about one-fourth of all transactions were cash.