Cape Cod home sales decline in April as inventory issues persist

by Liz Hughes

Cape Cod home sales declined in April as inventory issues persist, according to a new report from the Cape Cod & Islands Association of Realtors (CCIAOR), which cited both buyer and seller activity as contributing to the decline. 

In April, 284 homes sold on the Cape, including 217 single-family homes and 67 condominiums, at median prices of $760,000 and $442,500, respectively. A year ago, 252 single-family homes and 89 condos sold at median prices of $726,500 and $385,000. 

Pending sales also fell in April, when there were 271 single-family homes and 70 condominium sales pending at the end of the month. Pending sales for single-family homes fell 14% from last year while pending condominium sales had a 6.7% decrease. In April 2022, there were 315 pending single-family homes and 75 pending condominium sales.

Ryan Castle, CEO of CCIAOR, said the continued decline in activity was expected due to fewer sales and more affordability concerns. 

“The lack of new listings is hurting Cape Cod’s economy and raising even more affordability concerns month by month,” Castle said. “We have to add new inventory to head off price increases or we will not be able to save the locals, and the Cape will forever be lost.” 

By month’s end, 394 single-family homes and 114 condominiums were listed for sale in the Cape Cod & Islands Multiple Listing Service. That’s an 8.2% increase in single-family home listings and a 5.6% increase in condo listings from April 2022.

That increase in inventory wasn’t new listings, rather it was due to fewer homes going under contract, according to the report. New listings continued to fall in April, down 17% from a year ago. 

The report did find a 23.1% increase in cumulative days on market for single-family homes, which increased to an average of 48 days on market, up from 39 a year prior. 

Condominium days on market were up 50%, rising to 45 days from 30.

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