Median sale prices on Cape Cod rose in June, while inventory was mostly flat, according to a new report from the Cape Cod & Islands Association of Realtors (CCIAOR).

In June, 342 homes sold on the Cape, including 273 single-family homes and 69 condominiums, at median prices of $735,000 and $449,900, respectively. A year ago, 336 single-family homes and 88 condos sold at median prices of $709,500 and $422,500. 

Meanwhile, pending sales fell in June, when there were 273 single-family homes and 52 condominium sales pending at the end of the month. Pending sales for single-family homes fell 11.7% from last year while pending condominium sales had a 34.6% decrease. In June 2022, there were 309 pending single-family homes and 81 pending condominium sales.

Ryan Castle, CEO of CCIAOR said the numbers are doing “exactly what we thought” with inventory staying stagnant and the number of home sales dropping. 

“The lack of new construction at a broad scale for the ‘for sale’ market is going to constrict the housing market availability and allow second homeowners and retirees to outbid those who work here,” Castle said. “Homeowners can get top dollar for their house, but they want to stay on the Cape, and there are few opportunities to buy something else.”

By month’s end, 447 single-family homes and 123 condominiums were listed for sale in the Cape Cod & Islands Multiple Listing Service. That’s an 18.6% decrease in single-family home listings and a 2.4% decrease in condo listings from June 2022.

Average days on market for single-family homes increased to 34, up from 17 a year prior. Condominium days on market fell from 36 to 28.