A July inventory boost, coupled with cooling prices and choosier buyers, may signal stability for the Cape Cod real estate market, according to preliminary data released by the Cape Cod and Islands Association of REALTORS® (CCIAOR).

In July, 251 single-family homes sold for a median price of $820,000. The condo median sales price reached $521,500 for the 66 units sold.

Meanwhile, over 260 single-family homes went under contract, marking a 1.9% yearly decrease. The number of condos under contract increased by 49.2% to 91.

“Proper pricing should be the top priority for homeowners listing their property. Buyers are passing over or waiting out listings that they feel are overpriced and are less willing to get into a bidding war. It’s not 2022 out there anymore,” said CCIAOR President Todd Machnik.

The Cape Cod and Islands MLS in Barnstable County saw 771 new single-family homes listings and 286 new condos listings last month. That’s a 9.1% yearly increase for single-family homes and a 34.9% increase for condos.

Both single-family homes and condos spent more time on the market compared to last year. Single-family homes sat on the market for 50 days instead of 35, a 42.9% increase. For condos, the increase was lower at 13.4% from 38 to 43 days.

“Within the context of what the Cape market has looked like post-COVID, which is to say tight inventory and high prices, the market is noticeably shifting,” said Machnik. “With more inventory on the market, listings are taking longer to sell and the percentage of listings selling for over asking price has dropped by 44.4% when compared to last July. Additionally, the percentage of listings with price changes is up 21.3% vs July of 2024.”