Interest in Cape Cod Market Stays Positive, Lower Home Sales Forecasted to Continue for May and June Due to Pandemic Impacts
May 13, 2020 Research & Data CCIAOR Data and Research
According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 326 homes sold in April, 264 single-family homes and 62 condominiums. Median sales price was $439,900 for single-family homes and $303,250 for condominiums. Last April, 431 homes (338 single-family homes and 93 condos) sold at a median price of $422,500 for single-family homes and $250,000 for condominiums.
Sales pending at the end of April were 218 for single-family homes and 38 for condominiums – a 43.2 percent decrease for single-family and a 56.8 percent decrease for condominiums, which will show up in closed home sales in the coming months. Last April, there were 384 pending single-family homes and 88 pending condominiums.
“Interest in homes on Cape Cod hasn’t waned, but activity has for obvious reasons. We know moving forward there will be drastically lower home sales in May and June based on the pending data now, but a continued high level of interest will create pent up demand of both listings and buyers,” said CCIAOR CEO Ryan Castle.
The interest of those searching for homes is evidenced by an 11% increase online views for homes listed on the multiple listing service from March to April.
“REALTORS® have adapted to the situation and are providing a high level of service in a socially-distanced world through virtual showings, open houses, and listing presentations. That consumers haven't abandoned the home buying or selling process and are continuing to look for new homes and list their homes for sale, is a testament to the resiliency of REALTORS® and their innovation in how to work with their clients.”
New listings in April for single-family homes were 259 and 70 for condominiums. This is a 58.8 percent decrease, and a 63.2 percent decrease respectively from last April, which had 629 new listings for single-family homes and 190 new listings for condominiums.
Cumulative days on market for April decreased 2.5 percent for single-family homes compared to last April, dropping from 119 days to 116 days. Condominiums had a 20.2 percent increase in cumulative days on market compared to last April, rising from 94 days to 113 days.
Data released reflects all single-family and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.
For more detailed data, please visit CapeCodRealEstateStats.com