April Market Stats Report: Market Activity Declines, Median Sale Price Rises
May 16, 2022 Research & Data, MarketStats CCIAOR Data and Research
Market Activity Down as For Sale Inventory Continues to Decline in April
According to preliminary data released last week by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 334 homes were sold in April, 247 single-family homes, and 87 condominiums. The median sales price was $725,000 for single-family homes and $385,000 for condominiums. Last April, 397 homes (309 single-family homes and 88 condos) sold at a median price of $625,000 for single-family homes and $377,500 for condominiums.
Sales pending at the end of April were 330 for single-family homes and 77 for condominiums – a 7.8 percent decrease for single-family and a 21.4 percent decrease for condominiums, which will show up in closed home sales in the coming months. Last April, there were 358 pending single-family homes and 98 pending condominiums.
“The slowdown in sales we are experiencing now is a result of the lack of inventory. However, compounding that moving forward are rising interest rates and inflation. The Cape Cod real estate market is moving quickly and it is imperative to have a REALTOR®c advising you who is knowledgeable in the market and can put their expertise to work for you,” said Ryan Castle, chief executive officer of CCIAOR.
At the end of April, there were 324 single-family homes for sale and 95 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last April, there were 433 single-family homes and 159 condos listed for sale, a 25.2 percent decrease, and a 40.3 percent decrease, respectively.
Cumulative days on market for April decreased 37.3 percent for single-family homes compared to last April, dropping from 59 days to 37 days. Condominiums had a 42.6 percent decrease in cumulative days on market compared to last April, dropping from 54 days to 31 days.
Data released reflects all single-family homes and condominiums in the Cape Cod & Islands Multiple Listing Service for Barnstable County.