Real estate market activity is declining on Cape Cod as inventory continues to fall and the median sale price rises.
Cape Cod residential real estate again saw declining sales, homes selling above asking price and falling inventory in April, continuing the pattern found in the first quarter of the year, according to a new report from the Cape Cod & Islands Association of Realtors.
In April, 334 homes sold on the Cape, including 247 single-family homes and 87 condominiums, at median prices of $725,000 and $385,000, respectively. A year ago, 309 single-family homes and 88 condos sold at median prices of $625,000 and $377,500, respectively.
Pending sales also fell in April, when there were 330 single-family homes and 77 condominium sales pending at the end of the month. Pending sales for single-family homes fell 7.8% from last year, while pending condominium sales had a 21.4% decrease. In April 2021, there were 358 pending single-family homes and 98 pending condominium sales.
Ryan Castle, CEO of CCIAOR, said the slowdown in sales is due to a lack of inventory, the impact of which is being compounded by rising interest rates and inflation.
The report also found drops in cumulative days on market, as single-family homes spent an average of 37 days on market, down 37.3% from 59 days last year. Condominium days on market were down 42.6%, dropping from 54 days to 31.