April 2023 Cape Cod Market Report
May 19, 2023 Research & Data
Buyer and Seller Activity Contributes to Declining Home Sales on Cape Cod
According to preliminary data released by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 284 homes were sold in April, 2023: 217 single-family homes, and 67 condominiums. The median sales price was $760,000 for single-family homes and $442,500 for condominiums. In April 2022, 341 homes (252 single-family homes and 89 condos) sold at a median price of $726,500 for single-family homes and $385,000 for condominiums.
Sales pending at the end of April were 271 for single-family homes and 70 for condominiums – a 14 percent decrease for single-family and an 6.7 percent decrease for condominiums, which will show up in closed home sales in the coming months. Last April, there were 315 pending single-family homes and 75 pending condominiums.
At the end of April, there were 394 single-family homes for sale and 114 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last April, there were 364 single-family homes and 108 condos listed for sale, a 8.2 percent increase, and a 5.6 percent increase, respectively.
However, that increase in inventory was due to less houses going under contract, not more new listings. New listings continued to see decline as there were 217 new listings in April, which was a 17% decline in the number of new listings from April 2022.
“We continue to see what we expected - less 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. 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.” said Ryan Castle, chief executive officer of the Cape Cod & Islands Association of REALTORS®.
Cumulative days on market for April increased 23.1 percent for single-family homes compared to last April, increasing from 39 days to 48 days. Condominiums had a 50 percent increase in cumulative days on market compared to last April, increasing from 30 days to 45 days.
Data released reflects all single-family homes and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.