Cape Cod market sees more price decreases in May than any month this year

by Liz Hughes

The Cape Cod real estate market had more price decreases in May than it’s seen so far this year. 

According to a new report by the Cape Cod & Islands Association of Realtors, 130 listed properties dropped their prices in May, representing 20% of new listings.

Along with those decreases, Cape Cod residential real estate saw median sales price growth and decreases in pending sales last month.

In May, 384 homes sold on the Cape, including 296 single-family homes and 88 condominiums, at median prices of $749,000 and $426,000, respectively. A year ago, 350 single-family homes and 92 condos sold at median prices of $627,950 and $353,750, respectively. 

Pending sales fell in May, when there were 343 single-family homes and 90 condominium sales pending at the end of the month. Pending sales for single-family homes fell 15.7% from last year, while pending condominium sales had an 18.9% decrease. In May 2021, there were 407 pending single-family homes and 111 pending condominium sales. 

There were 428 single-family homes and 85 condominiums for sale in the Cape Cod & Islands Multiple Listing Service at the end of May, compared to the same time last year when there were 491 single-family homes and 153 condos listed for sale.

The report also found drops in cumulative days on market, as single-family homes spent an average of 28 days on market, down 30% from 40 days last year. Condominium days on market were down 38.3%, dropping from 47 days to 29.

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